Asian stocks up after BoJ decision

<p>Asian stocks increased this morning after the Bank of Japan announced plans for growth.</p>

Asian stock markets increased in early trading this morning (September 19th) after the Bank of Japan (BoJ) announced its plans to drive economic growth.

Becoming the latest major central financier to unveil intentions to take action, the body said it is extending monetary easing by increasing its asset purchasing fund to 55 trillion yen (£428 billion).

As a result, EuroStoxx 50 Index Futures gained 0.3 per cent, while the MSCI Asia Pacific (MXAP) Index rose 0.5 per cent as Standard & Poor's 500 Index futures grew by 0.4 per cent.

The move follows a similar announcement by the US Federal Reserve to stimulate improvement with the use of quantitative easing, which will see the financier purchase an average of US$40 billion a month in mortgage-backed securities.

Soichiro Monji, chief strategist at Tokyo-based Daiwa SB Investments, told Business Week: "The BOJ seems to have gone above and beyond … I didn't expect them to move this time."

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