Japanese Stocks Blast Off

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EWJ and DXJ head to the flight levels as Japanese stocks thunder skyward following the resignation of Bank of Japan’s Governor Shirakawa.

Japanese stocks skyrocketed on Wednesday, after Bank of Japan Governor Masaaki Shirakawa announced that he would step down on March 19 – three weeks before his term is scheduled to end.  The move is expected to facilitate earth image Japanese Stocks Blast OffPrime Minister Shinzo Abe’s agenda for more aggressive monetary easing (NYSEARCA:FXY).  The Nikkei 225 Stock Average soared 3.77 percent to 11,463 (NYSEARCA:EWJ).

Most of the major European stock indices declined on Wednesday as fears increased that Silvio Berlusconi could return to power in Italy and disrupt the progress which has been achieved in stabilizing the Eurozone economy as well as the sovereign debt crisis (NYSEARCA:VGK).

In Germany, Destatis reported that the nation’s factory orders increased by 0.8 percent in December after November’s 1.8 percent decline.  Domestic orders fell by 1.2 percent, while foreign orders increased by 2.4 percent.  (NYSEARCA:EWG).

As of 11:14 EST, the Euro STOXX 50 Index sank 1.03 percent to 2,623 – staying above its 50-day moving average of 2,538.  After breaking above its resistance level of 2,700 on January 21, the STOXX 50 is once again experiencing resistance at that level, which has been a barrier since the beginning of the year.  Its Relative Strength Index is 41.85 (NYSEARCA:FEZ).  The FTSE 100 Index advanced 0.21 percent to 6,296 (NYSEARCA:EWU).  The German DAX Index fell 0.94 percent to 7,593 (NYSEARCA:EWG).  France’s CAC 40 Index dropped 1.16 percent to 3,652 (NYSEARCA:EWQ).  Spain’s IBEX 35 Index dipped by 0.20 percent to 8,076 (NYSEARCA:EWP).  Italy’s FTSE MIB Index declined 0.46 percent to 16,635. (NYSEARCA:EWI).

As of 11:26 EST, the euro declined 0.35 percent against the dollar, trading at $1.3535 (NYSEARCA:FXE).  Forex – EUR/USD Dips as Market Braces for ECB Decision

Spain’s ten-year bond yield advanced to 5.40 percent on Wednesday from Tuesday’s closing level of 5.34 percent.  Spain’s two-year bond yield climbed to 2.83 percent on Wednesday from Tuesday’s closing level of 2.76 percent. (NYSEARCA:EWP).

Italy’s ten-year bond yield advanced to 4.57 percent on Wednesday from Tuesday’s closing level of 4.47 percent (NYSEARCA:EWI).

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