TOKYO, Nov 1 (Reuters): Japan's Nikkei stock average surged to a seven-year high and the yen tumbled to its lowest since early 2008 against the dollar on Friday as the Bank of Japan (BoJ) caught markets flat-footed with its surprise monetary easing decision.
The Nikkei surged over 5 per cent to hit 16,455.84, its highest since November 2007. The dollar jumped more than 1 per cent to hit 110.69 yen, its highest since January 2008.
The BoJ unexpectedly eased monetary policy on Friday in a 5-4 vote, due to concerns that a decline in oil prices would weigh on consumer prices and delay a shift in sentiment away from deflation.
The central bank decided to increase the pace at which it expands base money to about 80 trillion yen ($723 billion) per year. Previously, the BoJ targeted an annual increase of 60-70 trillion yen.
Nikkei rallies to 7-year high
FE Team | Published: November 02, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
Share if you like