European stocks rally after BOJ negative rate decision

January 29, 2016

European equities advanced after the Bank of Japan (BOJ) surprised markets by moving rates into the negative territory for the first time ever. 

At the time of writing, the pan-European Euro Stoxx 50 index was up 1.4%. Germany’s DAX was up 1.15% and France’s CAC was up 1.2%. The mining-heavy London’s FTSE was up 1%. 

The stock markets cheered Bank of Japan’s decision to extend its monetary stimulus program by introducing a negative interest rate policy. The BOJ said it will apply a rate of negative 0.1 % to excess reserves that financial institutional place at the bank, effective February 16.

The risk-on sentiment also got a boost from the US stocks, which closed higher on Thursday. 

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