Frankfurt The hope of a Christmas rally on the international capital markets has probably evaporated for good. After the US Federal Reserve and the European Central Bank (ECB) scared investors last week, the Bank of Japan (BoJ) is now causing an unexpected turnaround, the consequences of which are being felt on stock markets around the world.
The Bank of Japan is “shocking markets,” is how Min Joo Kang, economist for Japan and South Korea at Dutch bank ING, summarizes the situation. “This is a bang from the Japanese central bank,” says Thomas Altmann, from the asset manager QC Partners. The BoJ is joining the chorus of restrictive central banks much faster than expected.
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