Stocks Rally...But It May be Due to the Bank of Japan, Not the Fed

Kiyoshi Ota | Bloomberg | Getty Images

Haruhiko Kuroda

Stocks rally...but it may have been due to the Bank of Japan, not the Federal Reserve.

Stocks did nothing for the first 10 minutes or so after the Fed announcement, but after that the Dow Industrial Average suddenly shot up almost 40 points, while bonds remained unchanged.

The new head of the Bank of Japan (BOJ), Haruhiko Kuroda, is scheduled to hold his first press conference as BOJ chief tomorrow.

Shortly after 2:00 p.m. ET, the Japanese press leaked that Kuroda would pledge "bold monetary easing both in terms of quantity and quality."

While it has been anticipated that Kuroda would call for quickly trying to achieve a two percent inflation target, Kuroda will likely call for an early start to an aggressive program of asset purchases with no set end date, according to The Nikkei newspaper.

The yen weakened against the dollar.

—By CNBC's Bob Pisani

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