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Abenomics Continues as Abe win Elections in Japan
Following a landslide election over the week-end, Japanese Prime Minister Shinzo Abe ordered up more fiscal stimulus. Abe has ordered his economy minister to compile stimulus measures this month, while the Sankei newspaper reported government officials are considering “helicopter money” as a policy option. Chief Cabinet Secretary Yoshihide Saga also said such a policy would involve the central bank directly financing government spending.
In respond Japanese Yen soared 4% closing at 104.84, Nikkei added 8.9% for this week after trading positively for five consecutive days. Nikkei is trading at 16540.
Theresa May Appointed as Britain's Prime Minister
It seems that UK Prime Minister is conquering market fears. Equities and currencies were positive as stress left market place on Wednesday after prime minister being appointed by Queen Elizabeth shortly after the monarch accepted David Cameron's resignation. Following May's appointment as PM The FTSE soared 1.22% trading at6612.75, The British Pound climbed 285 points to close the week at 1.3185.
Bank of England Leaves Interest Rates Unchanged
The Bank of England has held interest rates at 0.5%, defying the speculation that rates would be cut by 25 basis points, the decision to keep rates stable was taken overwhelmingly, as the central bank’s Monetary Policy Committee voted 8-1 in favour of there being no change.
The Committee voted unanimously to maintain the stock of purchased assets, via their quantitative easing programme at £375 billion.In a statement the bank said that ‘A vote to leave the EU could have material implications for the outlook for output and inflation. The Committee judges that a range of influences on demand, supply and the exchange rate could lead to a significantly lower path for growth and a higher path for inflation.’
In reaction the pound continue strengthening against other currencies.
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