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CAPITAL FLOWS IN GLOBAL MARKETS
The marketplaces have caught the carefree spirit of summer.
The surprising easing of the BOJ's hold on rates on Friday by new Governor Kazuo Ueda may have shocked Japan. Still, it has hardly registered as a hiccup in the wave of optimism washing over global stock markets.
On Friday, global stocks rose as US Treasury rates declined after data showed persistently lower annual US inflation and on the Bank of Japan's decision to moderate its ultra-loose monetary policy.
While maintaining its benchmark short-term rate at -0.1% and long-term bond rates at zero, the Bank of Japan on Friday altered its yield curve management plan by offering to purchase 10-year Japanese government bonds above the prior 0.5% target rate.