(Almost) Everything You Need to Know In One Sentence
Almost everything you need to know is in this one simple sentence, via Lars:
Japanese shares rose, with the Nikkei 225 Stock Average heading for the highest close since September 2008, as the yen fell after Bank of Japan Governor Masaaki Shirakawa said he will step down ahead of schedule.
If monetary policy in Japan was “impotent” would this happen? No.
If the discretion over the direction of monetary policy exercised by central bankers is irrelevant, would it matter if your central bank governor leaves a few weeks early? No, no, no!
Read Lars for more.