BoJ: Reaction to Japan easing within expectations

The market reaction to a deluge of easy money that began flooding Japan last week is "within expectations" the central bank's new chief said on Wednesday. A relaxed and smiling Haruhiko Kuroda, the architect of a vast easing operation that will double Japan's money supply over the next two years, said the roaring stock market and the plunging yen had been "positive". But he rebuffed charges that Tokyo was engaging in a race to the bottom and playing beggar-thy-neighbour with its currency, insisting that the global economy stood to gain from a resurgent Japan. "I think we've seen positive market reaction" to the fresh monetary easing, the Bank of Japan (BoJ) chief told reporters in a group interview.