The big story out last night was a Far East combo of central bank action and inaction. Both were a surprise. The action came from the Bank of Japan in their quest to stem the rise of their currency and to stimulate their economy. The BoJ started a program of quantitative easing that will see their balance sheet rise by $60 bln as they buy government bonds. They also said they would cut their benchmark rate from 0.1% to 0-0.1%.

The inaction came from the Reserve Bank of Australia, which kept their benchmark interest rate steady at 4.5% for the … …READ MORE