BOJ announced it would set a 2% inflation target

<p>- Japanese stocks retreated over night as the Bank of Japan announced it would set a 2% inflation target and has put off Fed Reserve […]</p>

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- Japanese stocks retreated over night as the Bank of Japan announced it would set a 2% inflation target and has put off Fed Reserve styles open ended asset purchases until Jan 2014. This saw the Nikkei 225 stock average decline by 0.4 percent after jumping as much as 1 percent due to speculative buying on headlines without looking to the content of the Banks announcement.

- Back in Europe after the first hour of trading the German Dax is seen trading 10 down at 7740 with Continental AG a automotive industry supplier among the top losers down 1.57%.

- The FTSE 100 is little changed just 1 point up this morning trading at 6182 with Tate and Lyle leading the way of the gainers and Fresnillo topping the losers.

- All in all a fairly quiet start to the morning trading continued from yesterday’s US Martin Luther King bank holiday.

- Be sure to keep an eye out on todays economic data, we have the German Economic Sentiment released at 10am along with existing home sales figures from the US forecasted at 5.09m better than 5.04m of last month.

- Above all President of the ECB Mario Draghi will be making a speech this evening at 6pm which generally increases volatility as traders attempt to decipher interest rate clues.

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