Nikkei rises after unexpected BOJ move

<p>Traders welcomed the stimulus measures announced by the Bank of Japan.</p>

The Nikkei reached new highs today (October 31st) after the Bank of Japan (BOJ) unexpectedly unveiled stimulus measures.

It eased monetary policy on concerns that lower oil prices would affect consumer prices, increase the pace at which it expands base money to 80 trillion yen (£454 billion) a year, instead of 60-70 trillion yen.

As a result, the yen weakened to 111 against the dollar, its lowest level since 2008, and Japan's Nikkei index rose 4.8 per cent to 16,413.76.

"We think the key part of this announcement is they are trying to drive all doubts out of the market to achieve the desired goal. This is what ever it takes to achieve success and success is defined by two per cent inflation…. Even for Japanese who doubt Abenomics, if this doesn't drive the doubt out of your mind, I don't know what will," Ed Rogers, chief executive officer at Rogers Investment Advisors, told CNBC.

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