Central Banks
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An effective formula of combining monetary and fiscal policies means Japan is in a better position to benefit from quantitative easing compared to the U.S., says Nobel Laureate Joseph Stiglitz.
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*Bank of Japan steps up asset purchases to boost economy. Treasury debt market rallied on Thursday as investors sought higher-yielding dollar assets after the Bank of Japan said it would step up asset purchases to boost its economy, sending Japanese bond yields to record lows.
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*Yen sinks 3.3 pct vs dollar on bold Bank of Japan easing. NEW YORK, April 4- The yen sank on Thursday after the Bank of Japan unveiled a bold plan to pump money into the economy, pushing the dollar higher, while U.S. stocks edged higher on investor relief that central bank policies would remain supportive for equities.
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DAYTON, Ohio, April 4- A second Federal Reserve official has suggested that U.S. interest rates may have to remain near zero until the unemployment rate falls as low as 5.5 percent, lower than the 6.5 percent threshold the U.S. central bank has in mind.
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Japan is wagering its future on a massive experiment, and Kyle Bass of Hayman Capital Management doesn't see it ending well.
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.160x105.jpg?v=1364880173 "Dow Turns Negative Midday; Market's Message to BOJ: Slow Growth Trumps Future Inflation")
A disappointing morning for those hoping for the reflation trade: despite Mr. Kuroda's bold action at the Bank of Japan, gold and oil are down, though there is a modest bounce in commodity stocks.
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WASHINGTON, April 4- Hedge fund and derivative investors are taking on more risk as aggressive monetary easing and an improving economy boost demand for higher-yielding securities, a Federal Reserve survey showed on Thursday.
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LONDON, April 4- European shares fell sharply on Thursday as traders disappointed by a lack of fresh economic stimulus measures from the European Central Bank took profit on recent outperformers. The pan-European FTSEurofirst 300 index extended losses after ECB President Mario Draghi spoke in the afternoon, to close 1.1 percent lower at 1,180.65 points.
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CNBC's Rick Santelli talks with Pimco's Mohamed El-Erian, about the likely outcome of central banks' "experimental" monetary policies.
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Global central banks are accelerating mostly ineffective policies because they feel they have no choice but to keep trying, Pimco's Mohamed El-Erian told CNBC.
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LONDON, April 4- European shares fell sharply on Thursday as traders, underwhelmed by the lack of fresh economic stimulus measures from the European Central Bank, took profit on recent sectoral outperformers.
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*ECB keeps interest rates at 0.75 pct. FRANKFURT, April 4- European Central Bank President Mario Draghi opened the door on Thursday to an interest rate cut as soon as next month, saying his bank stands "ready to act" to boost the recession-hit euro zone economy.
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*Yen sinks 3.2 pct vs dollar on bold Bank of Japan easing. NEW YORK, April 4- The yen sank on Thursday after the Bank of Japan unveiled a bold plan to pump money into the economy, pushing the dollar higher, while U.S. stocks rose as investors were reassured that central banks were retaining policies that are supportive of equities.
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LONDON, April 4- Gold was down slightly on Thursday after rallying from a 10- month low earlier in the day to above $1,550 an ounce when the European Central Bank commented on the weak economy and said it stood ready to cut rates, hitting the euro. "Gold is desperately trying to bounce, but it's failing quite miserably.
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NEW YORK, April 4- The euro dropped to its lowest in more than four months against the dollar on Thursday after European Central Bank President Mario Draghi highlighted the downside risks to the euro zone economy, suggesting the bank could further slash interest rates.
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FRANKFURT, April 4- The European Central Bank expects a gradual economic recovery later this year but will monitor incoming data very closely and is ready to cut interest rates if necessary, its president said on Thursday.
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FRANKFURT, April 4- The European Central Bank held its main interest rate at a record low of 0.75 percent on Thursday, as it waits to see whether the economy stabilises or recent weak economic data marks a start of another downturn. Following is the text of the ECB's statement issued after the meeting:.
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*Gold hits 10- month low as dollar strengthens. LONDON, April 4- The yen sank on Thursday after the Bank of Japan unveiled a bold plan to pump money into the economy, while Europe's main share indexes and the euro held steady after the European Central Bank left policy unchanged.
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Atlanta Fed President Dennis Lockhart told CNBC more solid economic data coupled with a "substantial improvement" in jobs are needed before the central bank would consider tightening policy.
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*Defense shares may be in focus on North Korea uncertainty. NEW YORK, April 4- U.S. stock index futures rose on Thursday, signaling a rebound from the previous session's steep loss, as aggressive action by the Bank of Japan and supportive comments by U.S. officials indicated continued support for the market.
