Global markets cheer Japan's double whammy

Pisani's market open: What a rally!

The double upside whammy in Japan has implications for global stocks.

The Bank of Japan announced additional purchases of government bonds, but the real market mover was the announcement that the country's Government Pension Investment Fund would put half its assets in stocks and cut its holdings of government bonds by a third.

And we are not just talking about Japanese stocks, we are talking about investing in international stocks as well, and that is why the global stock markets are up.

Read More BOJ surprises with fresh stimulus, Nikkei surges 5%

The GPIF is doubling its investment in Japanese stocks, from 12 percent of the portfolio to 25 percent, but it is doing the same with international stocks: doubling its investment to 25 percent.