Japan shifts policy framework to targeting yield curve Financial institutions emerge as biggest gainers from decision Share on Facebook Share on Twitter A rally in global lenders spurred gains in equities after tweaks to the Bank of Japan’s policy offered support to financial institutions just hours before the Federal Reserve’s verdict on rates. Oil climbed Stocks extended a three-day advance as the BOJ shifted the focus from expanding the money supply to controlling interest rates. Banks and insurers surged on Japan’s steps to mitigate the impact of lower yields on the industry’s profits. The decision’s impact was less enduring for the yen, which rose after an initial slide. The dollar retreated with bonds. A gauge of raw materials gained for a fifth day as U.S. crude topped $45 a barrel.

Source