Asian shares bounced on Monday as the Bank of Japan (BOJ) announced more stimulus steps to help cushion the economic impact of the coronavirus, while oil took another spill as the world ran short of space to store it all.
FILE PHOTO: A pedestrian wearing a face mask walks near an overpass with an electronic board showing stock information, following an outbreak of the coronavirus disease , at Lujiazui financial district in Shanghai, China March 17, 2020. REUTERS/Aly Song
The BOJ matched market speculation by pledging to buy unlimited amounts of government bonds, removing its previous target of 80 trillion yen per year.The Federal Reserve and the European Central Bank meet later in the week, with the latter likely to do more. On the data front, the United States and European Union release GDP for the first quarter and the influential U.S. ISM survey on manufacturing.
Bond markets remain well supported by the truly massive easing under way from major central banks, which have seen U.S. 10-year yields trade around 0.6% for a week or more.
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