In a surprise move, the Bank of Japan’s policy board voted unanimously Friday to start unloading about ¥335 billion ($2.4 billion) a year of exchange-traded funds (ETFs) and Japan real estate investment trusts (J-REITS).
Stocks sank immediately after the announcement.
The Nikkei 225 stock index, which hit a new record just after the open, dropped more than 1% as traders and investors got news of the ETF plan, which will help reduce the size of the central bank’s massive balance sheet. The yen strengthened.
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