the bank of japan meeting will dictate the moves for the/yen even if a lot of it has been factored in. investors may be a little cautious. central bank decisions likely to grab the headlines today. we shouldn't expect any major moves. we're seeing the nikkei showing further declines in a pretty volatile week so far ahead of the this bank of japan decision which will come out later today. >> we will be on top of that. thanks for that update. japan's trade and industry ministry is eager to export environment talal ministry is eager to export environment talaly coal exports. he visited a coal powered power plant in tokyo. officials at the electric power development company said the plant boasts the world top level of efficiency. they went onto explain that the level of nitrogen oxide is the same as plants. >> translator: those countries could carbon dioxide emissions significantly. >> he said it should be promoted as one of the country's pillars of growth. american investors have looked into a ground and seen a lot of dollar signs. they hope gas trapped between shell formations will driv

>>> the bank of japan has met expectations. it's announced it will stunned the duration of government bonds it buys for monetary easing. kaori enjoji joins us now on the line. kaori, tell us the extent of the plans which kuroda has announced here. >> this is the most aggressive stimulus plan that the bank of japan has announced in recent memory. it goes beyond the scope of what the market has rang in. not only does it embark on an open ended asset purchase program a lot earlier, so not waiting until 2014, but starting now. and not only does it buy longer dated maturities, it completely changes the framework that it operates under. the overnight call rate is no longer going to be the measure for monetary easing. there is no longer a cap on the absolute amount of jgb, japanese government bonds that the central bank combines. so basically it combines two old operations, puts it under one and opens up the balance sheet that the bank of japan uses to conduct these operations. so there's going to be a lot more transparency, too, going

the bank of japan needs money. second, the government comes in with fiscal policies stimulating real events conlan and then the government to introduces a package including massive deregulation and other gross plans and sustainable, that is it. and three hours and by the way it was actually clear in its college days, a combination fifth. i was not actually clear. i was a ski shooter in japan in the 1976 olympic games in montreal. any health, only as a byproduct, it is grossly missed the.. and deficient, too much difficulty and too much persistence, we have used every possible means. and japan calm to the world, only ruling japan for the people in japan, the people in america and people in the world, that is what we are aiming to bring about. if you are still in doubt about what i say it is probably because you have never gone through the organization, economic deflation. listen to what it is, it all started with the asset class bubble in the 1990s. at the end of 1989, about 389. about 39. it fell down by 7,000 yen.

japan are trading let's go to ramin. good morning. a bit of hesitation in markets here in japan and the u.s. >> a couple of key events this week and the bank of japan policy board meets on wednesday. both could dictate where dollar/yen trades in the days to come. let's have a look at the opening levels for today. we're seeing both indexes trading lower considerably. the nikkei down 2.3% and the top topix down 2.5%. we're weaker than what many had expected. some of the marketplace also warning that if the bank of japan policy meeting fails to inspire and if the u.s. jobs data falls short of expectations then stocks could take a bit of a hate especially with indexes just as the nikkei and the s&p 500 have been hitting highs. there's a bit of a concern. the nikkei has been down over 300 points in the first few minutes of trading. we could be seeing that slide correction right now in fact. we've also seen the yen regaining strength ahead of bank of japan meeting. that's also going to be very closely watched. >> seems like u.s. manufacturing data not helping the dollar too much. where do we stand this tuesday? >> the ism manufacturing data was

translator: we will buy government bonds for monetary easing not to offset the budget deficit. >> bank of japan officials say they will exchange views closely with financial organizations to execute smooth purchases of government bonds. market players have reacted with enthusiasm to the boj easing measures. a leading expert has sounded a note of caution. the boj has taken a big step towards implementi ining econom. he said uncertainty and risks lie ahead. he explained changes in prices result from economic trends but economists are trying to change prices first. >> translator: there are hurdles. will the prize of goods rise? will there be pay rises? it's not known whether the economy will recover in the future? >> he also referred to the central bank suspension on bond purchasing. he said a future drop could cause concern in japanese markets. investors on u.s. markets too were cheered by measures taken by the boj. the dow jones closed at 14,606 up. let's go to ramin at the tokyo stock exchange. the boj took out all the stops yesterday. we saw a positive reaction in the markets. are we seeing th

. >>> investors are drumming their fingers wondering what the bank of japan will come up with next. members of the central bank want to jump-start the economy but they haven't come up with measures that pack enough punch. joining us now from the business desk, ai, why would investors expect anything different this time? >> because there is a new governor in charge who's actually known for being an advocate of aggressive monetary easing and why investors think things might be different this time around. bank of japan policymakers are getting together for their first meeting under the new governor. they're trying to work out a mechanism for achieving a 2% inflation target. he has pledged to achieve the target in about two years in response to a call for an end to the prolonged deflation. the policymakers are expected to step up their monetary easing by buying longer government bonds and they currently buy bonds that mature in three years or less. policymakers will also consider buying more risky assets such as exchange treated funds. these have stocks included as well. the policy board

people really betting the yen is going to weaken further because the measures by the bank of japan toeep rates low in japan means that major japanese constitutions such as nipon life insurance means they have to search for earnings and that means shipping to overseas assets. that means selling the yen to buy those donominations. back to you. >> thanks for that. i'll leave you with a check on some other markets. >>> millions of people and the world remember the worst time of life. the picture of the lady running in pain after napalm bombing. she continues to tell her story to push for peace. nhk went to hear her speak in tokyo. >> reporter: kim has spent years talking about a moment of her life that is one of the endearing memories of the vietnam war. >> that day changed my life forever. >> reporter: it was june 8th, 197 2. kim was 9 years old, naked and running down a road in southern vietnam. she'd been burned by napalm bombs. >> my clothes were burned off. and my skin was on fire. and someone began screaming, too hot! too hot! >> reporter: the associated press picture captured world

japan. both indexes trading in the positive in the first new minutes of trading here. just to recap for our viewers. on monday let's not forget the bank of japan decided to buy $12 billion worth of japanese government bonds and that's the largest amount it's ever done at once. that was a big move in the markets yesterday. despite the move, despite the fact the bank of japan has just only started implementing the measures to boost japan's economy the nikkei has been powering ahead already. we've seen a weakening trend. that's really enough time for a lot of moves to have trickled down into the earnings reports for a lot of exporters and banks and other key sectors. we'll be looking out for that especially considering the fact that the japan's economy has been constrained by slow growth and a strong yen just last year. we're seeing a big reversal there. starting this week in the u.s. and in the following weeks in japan for blue chip exporters and companies investors really want to see what the guidance is and the forecast and some of the key results there for this fiscal year in japan. >> we're seeing the yen weak and getting closer and

the bank of japan expects inflation in the country will hit 3% in the two years and is likely in the half of the period. the bank of japan said easing monetary policy will help it. it's vowed to print money as long as necessary. today it kept its policy unchanged. the new data showed the country still stubbornly stuck in deflation. core cpi down 0.5% in march from a year ago. >> okay. meanwhile, former can he cb executive board member shared his view on japan with us earlier. >> what are the japanese doing with the money they receive from central bank in exchange for foreign assets? so the exchange rate is going down dramatically. is it any better in the other economies of the world? they're buying new assets, new risk. so this is having a big impact. >> getting away from the 100 mark. joining us for more, ian from morgan stanley. ian, people feel we're going to get through 300 and then we get the data suggesting there's been repatriation back into japan. what's going to happen now? >> yes. i think as far as the yen weakening trend is, that concern, we are likely to see a bit of a pa

what do you think about what the bank of japan is doing and the spillover effect for those who think we're going to have a bounce from japan. are we going to see the spillover from the size of this quantitative easing? >> i think first of all, put yourself in the japanese shoes. you basically have your yen/dollar 110 three or four years ago before the lehman collapse. then the two, three-year losses of subprime in america basically put pressure on bernanke and the fed to bail out the u.s., how the u.s. bails out itself, quantitative easing and brings the yen/dollar to 78. if you are japanese, you'll probably get pissed and say fight back. kuroda is going to bring in more. japan is a situation where basically the growth stat is extremely as well as as much as the growth wealth. when you look at the balance sheet, you need to balance with liabilities. what i expect is the way they'll get out of it and join the global currency war and at least getting back to the dollar 1110. >> but it's all nominal. >> it's all nominal. and the problem is, remember, the only reserve currency in the worl

get news and insight every weekday live from bangkok on nhk "newsline". >>> policymakers at the bank of japan announcing they will enter a new phase of quantitative and qualitative monetary easing. the drastic move is to achieve the target of a 2% consumer price increase within about two years. they made the decision after their first two-day meeting under the new governor haruhiko kuroda. policymakers decided unanimously to double the outstanding monetary base in two years through an asset purchase program. the monetary base is the total cash in banking reserves that the central bank provides to the markets. in more detail, the bank will expand the buying of long-term japanese government bonds and increase the average remaining maturity of the bonds from the current period of less than three years to seven years. it also plans to more than double the purchase of exchange traded funds in two years. that's an increase of about $10.5 billion a year in terms of their amounts outstanding. the policy board members decided to change more important frameworks for asset purchasing. they will integrat

is it all really getting better is a do we not need gold is ben bernanke he our is the bank of japan re all these guys like in control of everything else advisor says be o'jays a massive easing to back fire the bank of japan's huge bet by boosting quantitative easing won't turn the economy around in this instead sending the nation toward the fall. of maki former adviser to billionaire investor george soros so you know the bank of japan is now doubling their monthly debt purchases to seven point five trillion yen which is seventy six billion dollars almost the same as the u.s. federal reserve on a much larger economy so he's saying that this bond issuance is going to cause it could lead to hyperinflation he said because they're also seeking to expand their monetary base to two hundred seventy trillion dollars but one japan is the place to borrow money at zero percent interest to speculate in all these other markets around the world that's the role it's played for twenty five thirty years now japan has been the go to country to borrow money at zero percent to feel all kinds of interest

is it all really getting better is they do not need gold is ben bernanke he are is the bank of japan re all these guys like in control of everything. x. soros advisor says be o'jays a massive easing to back fire the bank of japan's huge bet by boosting quantitative easing won't turn the economy around in this instead sending the nation toward the fall so takeshi food should maki former adviser to billionaire investor george soros so you know the bank of japan is now doubling their monthly debt purchases to seven point five trillion yen which is seventy six billion dollars almost the same as the u.s. federal reserve on a much larger economy so he's saying that this bond issuance is going to cause it could lead to hyperinflation he said because they're also seeking to expand their monetary base of two hundred seventy trillion dollars well japan is the place to borrow money zero percent interest to speculate in all these other markets around the world that's the role it's played for twenty five thirty years now japan has been the go to country to borrow money at zero percent to feel all

the european central bank to move towards perhaps credit easing, buying credit az assets, the bank of japan announced a big plan last week. the federal reserve, the bank of england clearly is doing quantitative easing because of the political problems, the coordination problems, the ecb has held back. but it does clear weakness in the france in the core means that the ecb often with a lag, but the ecb has to move to using its balance sheet to buy credit assetes and try and impact the growth situation and the clear problems in european credit markets. >> yeah. there was a suggestion last week, of course, that they might do, you know, nonstandard measures. what would the they be? >> so in terms of sequencing, they still haven't cut interest rates. it's hard to understand why, but they still have the cut the mro. they could cut another 50 basis points, 25 basis points. they could do more in terms of easing collateral standards and that may come soon. but what we would anticipate over time is probably going to take several months for maybe for draghi to build a political constituency. but to bu

we watched what happened with the bank of japan. that could have much longer implications. up like this? and now the bank of japan doing exactly what it signaled and then some? >> the essay i wrote last month is something my mother didn't teach me. money isn't everything. >> in the next 80 years you will find out even more. and i think you would liken this to the national -- >> dim memory. >> 1901. you know, what i thought of immediately, byron, because i never forget anything. the last time you were on after being right for so long, bullish, you pulled your horns in quite a bit. how long was that? three months? that was too early. >> definitely too early. >> what do you think now? >> i'm not backing away from that. i think this is a market that's levitating on monetary expansion not only in the united states but in europe and japan. maybe it will go on forever. the federal reserve balance sheet in 2008 was $1 trillion. it was all treasuries. today they are putting $85 billion into the economy every month. it will expand $1 trillion in 2013 alone. europe doing the same thin

it's not just the bank of japan. it's also the bank of england. we do not have an exit. been selling gold because they were buying gold because of the end of the eurozone which has s. not materializing and regrouping phase. one of the things we said is we've never had a eurozone crisis. that's the good news. the bad news is we have a global crisis. >> well, it's something to obviously -- it's fascinating, the whole entire investing universe, axle. if it hits infinity, we will come back to you. thanks, axel. >> my pleasure. >>> city ahead, california residents have more to cheer about besides the beautiful weather and now the lovely scenery. cali folks have the chance to play powerball for the first time in the history of the state. >>> plus, could the rally of 2013 be in jeopardy with the kickoff to earnings season tonight? back in a couple of minutes. s. are you still sleeping? just wanted to check and make sure that we were on schedule. the first technology of its kind... mom and dad, i have great news. is now providing answers families need. siemens. answers. but i wo

the bank of japan will release report on price trends for the upcoming two-year period. bank of japan governor will give a meeting later today. japanese prices have ended higher. investors still looking to continue to buy exporters despite some of the earnings results which were weaker than consensus. i'm talking about canon and nintendo. some big names released yesterday after the bell. sony returns a profit after aggressively selling some loss making assets. >> all the talks is about the earnings reports. it has gained attention so where is it trading this friday morning? >> let's have a look. the yen has gained just a touch. it did gain pushing the dollar below 99 at one point but right now 99.31 to 33. euro/yen also relatively unchanged. there might be a focus on the upcoming gdp data later today friday in the u.s. there's a still list of names due out. honda motors, ntt which has electronics and some utility sec sector shares. japan will be on holiday monday. back to you. >> thank you. that's all for me for now. i'll leave you with >>> now thousands of myanmar rohing

you know because you are there, but the korean juan had a one month low, could be related to the bank of japanr concern of what's going on there, but we are watching it all. thank you very much. we're not so worried that we can't talk pizza and gucci. okay, first pizza, shares of dominoes shrugging off a smackdown from goldman, they downgraded them from a conviction buy list to a lowly buy rating. what's your go-to place for pizza? papa johns, pizza hut, or your local pizza place on the corner? log on to facebook.com/lizclaman and tell us, okay? facebook, speaking of which, trying to take advantage of the global mobile boom. we got the latest from the street on the company's next big bet as a bull and bear battle it out after the break, and, oh, yes, the guy behind gucci. that's ail coming up. ♪ hello! how sharp is your business security? can it help protect your people and property, while keeping out threats to your operations? it's not working! yes it is. welcome to tyco integrated security. with world-class monitoring centers and thousands of qualified technician we've got a personal passio

it's for central bankers to decide how they're going to go about it. >> meanwhile, the bank of japan's new governor appears to be taking a page out of the play book by saying the fed's 2% inflation goal is flexible. says it will look at other factors when forming policy. the comments -- and as far as the yen is concerned today, dollar/yen currently at 99.59. we got as high at 99.58. euro/yen is up at 130.36. sterling/yen, 153.10. joining us now from bank of tokyo mitsubishi, jay. good to see you. we've run up the. how hard is it going to pe to push through 100? >> obviously, 100 is very big. it is a crucial level. given the momentum in the market over recent days and given how close we are, i think there is a very high chance that the market is going to give it a go is try to push us through that level. obviously, if we did get through there, there could be one figure significant push as stops are triggered and option related flows come into play on the break of 100, as well. >> you made 1100 what would be sort of a jump point from 100 to what? >> well, it's difficult to say. but certa

as you mentioned about the g-20, a lot of focus will be on a speech given by the bank of japan governor where he wants to explain in greater detail about the current monetary policy and that the bank of japan is not targeting rates. it's been a big concern in global markets despite most leading economies having agreed to the principals involved. dending on the cmentsnd reaction from g-20 leaders we may see the yen returning to a weakening trend. let's have a look at the euro/yen. 128.26 to 28. growth and unemployment remain a big concern for euro zone economy. they make everything from lightbulbs to jet engines covering a lot of different sectors. back to you. >> thanks a lot for that update. the nikkei is up about a fourth of a percent. i'll leave you with a check on some other markets. >>> pakistan's high court has ordered the arrest of the former president. musharaaf returned last month hoping to make a come back in politics but now that comeback is in doubt. heaces a resounding election defeat five years ago. he lived in exile since 2009. pakistani law enforcement authorities issued

as you mentioned about the g-20, a lot of focus will be on a speech given by the bank of japan governor where he wants to explain in greater detail about the current monetary policy and that the bank of japan is not targeting rate it's been a big concern in global markets despite most leading economies having agreed to the principals involved. depending on the comments and reaction from g-20 leaders we may see the yen returning to a weakening trend. let's have a look at the euro/yen. 128.26 to 28. growth and unemployment remain a big concern for euro zone economy. they make everything from lightbulbs to jet engines covering a lot of different sectors. back to you. >> thanks a lot for that update. the nikkei is up about a fourth of a percent. i'll leave you with a check on some other markets. >>> pakistan's high court has ordered the arrest of the former president. musharaaf returned last month hoping to make a come back in politics but now that comeback is in doubt. he faces a resounding election defeat five years ago. he lived in exile since 2009. pakistani law enforcement authorities

we have the bank of england and bank of japan starting its two-day meeting today. as we wait for markets they are searching for direction. let's look at major european here. ftse has been telling to watch. it started down by 0.2 of 1% but it has taken more stocks across europe into red. down 0.8 of 1%. ftse 100 down. it was a tone and markets even though we had seen underperformance in the u.s. today we are seeing more red across europe. moving on, let's look at bond markets as well. today spain is catching a bid. interesting move and surprising to see just how far this yield has fallen in the last few sessions back below 5% to 4.92. italy flipping into the green falling despite the fact we have no government formed in italy. we'll look at a major move in the italian market today in terms of that moleskin ipo. the yen weakening a little bit. 93.5 is that mark there. the australia dollar a strong session yesterday. euro/dollar a little bit weaker. japan has been the story. are we seeing a different trend taking place? is the bank of japan not delivering enough potent

is it all really getting better is a do we not need gold is ben bernanke he our is the bank of japan re all these guys like in control of everything x. soros advisor says jason massive easing to back fire the bank of japan's huge bet by boosting quantitative easing won't turn the economy around in this instead sending the nation toward the fall. of maki former adviser to billionaire investor george soros so you know the bank of japan is now doubling their monthly debt purchases to seven point five trillion yen which is seventy six billion dollars almost the same as the u.s. federal reserve on a much. larger economy so he's saying that this bond issuance is going to cause it could lead to hyperinflation he said because they're also seeking to expand their monetary base to two hundred seventy trillion dollars well japan is the place to borrow money at zero percent interest to speculate in all these other markets around the world that's the role it's played for twenty five thirty years now japan has been the go to country to borrow money at zero percent to feel all kinds of interest rate

we've been talking about this historic move by the bank of japan targeting the monetary move, anyway.e a vocal voice? i guess you can. japan is eventually going to reach this point. the interest costs will exceed the tax revenues, and i would just love to simply get your take on the latest move and what your thoughts are about what they're trying to do, which is essentially engineer at least 2% inflation. >> i think it's really important to understand the magnitude of what they're embarking on. it's essentially doubling the monetary base. and to listen to mohammed just a second ago talk about it is a giant experiment. doubling the monetary base in two years is extremely experimental. but when you're backed into a corner, and your debts are more than 20 times your central government tax revenue, you're already insolvent. it's to the point that mohammed made. they have to do something. they have to do something big. because they are about to implode under the weight of their debt. what is interesting to me is they also abandoned the bank note rule. they had a handshake with them. they w

japan has had two decades of deflation. finally for the first time in two decades, they've had a major clang in central bank policy. they're emulating our fed and investing in japan right now is similar to investing in u.s. stocks in 2009, when everybody was afraid, but they had the beginning of their long cycle. >> so you would do the same thing? >> don't fight if bank of japan, no different than don't fight the fed. i think it's very early on and i think you can get long japan stocks here and continue to make money for some time to come. >> but steve's doing it by hedging out the yen, which is really the way to make money, because, otherwise, you're seeing much lower returns when you look at some of the other etfs that are not hedging o out the yen. >> i think you have to be careful with the currency. the yen, i don't think is going to weaken as much as people think. we're doing direct into japanese equities. >> i would say take a look at the professional traders real quick. the trade is back on. borrow yen and invest elsewhere. also in yen equities, hedged. >> japan and the u.s., hot markets. we've got to break t

the federal reserve, the bank of japan, you know, it's pumping money into the money supply. g this market. folks are giving up and the folks that have been waiting on the sidelines are afraid of missing out and they've been moving in. you've seen a lot of this market being carried by the more defensive sort of chicken plays into the consumer staples, utilities, telecom, but i think recently you have seen some folks looking for opportunities. things in basic material and even in the industrials. technology. and so i think the market is still primed for a pullback. when it comes it will probably be all hands on deck. people are going to feel like the world is falling apart. i think it's going to be rather short lived. you're going to see between 3% and 7% and it's an opportunity to really step in. >> you mention the fed there. we have minutes out later today. if there's anything in there that suggests a slightly more hawkish consensus and they might withdraw policy earlier, what impact is that going to have? >> i don't think it will have much of an impact. the market got worrie

tokyo shares got a lift due to stronger than expected monetary easing measures announced by the bank of japanon thursday. japanese securities houses specializing in online trading are getting flooded with inquiries from people looking to open new accounts. on friday, staffers at the call center of one brokerage were busy handling such inquiries as well as buy and sell orders. they say they received two times more calls than they had done the previous day. they note the number of new accounts that have been open so far this month has shown a near three-fold increase compared with the same period last year. >> translator: we had never expected a trading day like this. people were screaming with joy. >> bank of japan governor kuroda stressed his resolve to end deflation with the bank's fresh monetary easing measures. under the bold measures adopted on thursday, the central bank will, in two years, double the monetary base or the money it supplies to the markets. speaking to a parliamentary committee, kuroda repeated the importance of the measures. >> translator: the steps represent a different l

liz: bank of japan says it is upping its purchases of bonds, stephen at the fed decides to scale back, does the japanese, bank of japan just simply fill the void and therefore it is still an opportunity for police equities? >> they could, but bank of japan is buying their own funds. not ours. there is buying of hours in that a lot of the japanese institutions owned a debt of the central government in japan. i was over there a few weeks ago giving a speech and visiting with people, from the institutions i was getting a lot of questions in our market because they think their currencies going down, i think they are right, it is policy. liz: says u.s. treasuries, no for now. coming from a guy like you come it has good weight and meaning. the closing bell, 40 minutes away. vacancy or no room at the end. you can tell a lot about a company simply by checking out their job listing. coming up, we're digging into microsoft latest job posting to get an idea of where they will spend a lot of money. and where they are cutting back. plus, check out which smart phones teenagers are buying next. you

i was wondering if you could comment on the bank of japan's aggressive monetary stimulus. do you think it will work and how does that change how your thinking about the global economy and u.s. monetary policy? >> i prefer not to comment on of what the bank of japan announced. i certainly say that, here is a country that suffered deflation for well over a decade and had weak economic growth. when you contemplate the fact , nominal gdpincome in japan today is slightly lower than it was 20 years ago, that is really remarkable and has resulted in all kinds of albums for japan. i really think that taking an aggressive approach to try and end deflation is something i certainly understand. when you look at central banks in advanced countries, the united states, europe has slightly different set of problems. very high unemployment. the united kingdom with high unemployment areas we really all face a common situation where we have had disappointing economic performance and we are all taking steps, different packages of monetary policy steps to try and address that. i think that is s

the bank of japan rolling out an aggressive bond buying program to fight inflation. the bank of england and held rates steady, and they hinted a rate cut could be imminent come may. in the u.s., ben bernanke avoided comments on the policy in a speech to the students in ohio. lauren is covering the action for us today. stocks shedding gains. >> they are. hi, lori, it's a mixed market, a flat market, they are moving a tenth of 1%. jobless claims data rising to a four month high casting a shadow over the market and raising jitters about the jobs report in the month of march tomorrow morning. as for markets this week, if you look at the charts, you can see we have very choppy action. the good news is the dow is higher on the week. the bad news is the s&p is struggling, but we had more record territory again this week. back to you. >> thanks, lauren. melissa: breaking news, facebook's much anticipated phone event. our tech reporter, shibani joshi has more. what do you expect? >> has yet to start, there's a live feed on facebook live. it's not started, but i am reading on s

most of the central banks, several of them, have been dealing with what you do when you have these economic inflation but you have cut interest rates zero. well, that is not a question. the bank of japan was dealing with that 15 years ago. and, in fact met ben bernanke was opining on what they ought to do. that is one example of where these lessons of the past and not too distant past and have some bearing. you know, the idea of the central bank lending in a panic has its origins, its first most famous among early sample in 1866. a bank in britain that failed very much likelier brothers did in 2008. the bank of england, of ryder, editor of the economist wrote about this, the bank of england looked at a penalty rate. the lender of last resort, led to this man and that man. and, you know, what you find is the central bank was the mistaken history. bernanke made an academic career of it and does it not seem to have a great awareness of history of the lender of last resort in the history of the zero interest-rate policy, the great depression and what happens with hyperinflation on the great depression. >> host: pretty unusual to be in a situation where you have zero interest-rate now for

reserve and most of the central banks and several of them have been dealing with what you do when you have economic growth in the inflation but you have cut interest rates to zero? the bank of japan was dealing with that 15 years ago. and in fact ben bernanke was opining on what they ought to do. that is sample of where the lessons of the past in the not-too-distant past can have variants. the idea of a central bank living in a panic. that's the most famous early example was 1866. the bank in britain that failed like lehman brothers did. the bank of england, walter bagehot was the economist who wrote about this. the bank of england lent freely as a penalty rate to the lender of last resort. he went to this man and that man a and what you find is the central bankers are steeped in history. bernanke made an academic career of it. even those who do not have a great awareness of the lenders of last resort and the great depression and what happens with hyperinflation. >> host: it's unusual to be in a situation where you have zero interest rate now for almost five years and you have this great quote in the book where he asked to the normal economic laws work in air force that likes arr

banking system narrowly, but also broadly to steer the entire global financial system towards a more sustainable durable model of how things were to create the crisis over and over. >> host: we talked about the bank of japanittle bit. we have to see whether the new governor can pull this off. >> guest: again, 02 negative 1% for the better part of 20, 25 years. that's nearly seeking to reverse and that is deep-seated and the safety of the japanese people. there's a declining working age population. there's been an interesting debate the last couple of years. can i central bank always create inflation? one argument is of course. if i can print dollars by definition hike another helicopter drop money and prices are below where they would be inflation. the counter argument is the central banks can't do that. they can't just throw money out the window. to eliminate them what they can buy. they have to buy financial assets. it might not push money into the economy and create inflation. this is a test of the argument. >> host: these different situations before the censure beings, but the one thing in common is trying to do something to look at political system to do some thing different. in europe to get their a

. >>> the bank of japan governor repeated that the latest monetary easing policy does not constitute a manipulation of the foreign exchange market. >> translator: when a central bank takes a monetary easing policy, that country's currency tends to weaken against other currencies. but the boj monetary policy is aimed at pulled japan out of deflation. it will also have positive effects on the entire global economy. >> kuroda also referred to a view that even if the monetary easing policy pushes up commodity prices, it would not help to enaccuracy wages. he said research indicates they have shown similar trends in the past. he said as the whole economy expands wages, the job situation would improve. >>> here are the latest market figures. >>> fans say it's been a long way, but huruki murakami finally released his latest work, his first new book in three years. nhk world's jun yasumoto reports. >> reporter: more than 100 fans waited late into the night in front of this tokyo book store. they wanted to be there at midnight when shopkeepers took the wraps off murakami's latest title. >> tra

dagen: the bank of japan with a surprise move that takes the page from ben bernanke's playbook. connell: everybody is doing it. better regulation could have saved cyprus and whether we should be worried about some of these other so-called tax havens. we will have that and much coming up on markets now. ♪ speak very i am -- connell: straight ahead on markets now. thanks for joining us. dagen: lauren simonetti is on the floor of the new york stock exchange. >> the dow is higher. the s&p is higher. the nasdaq is in the red. apple and google under pressure. we are just following the russell 2000, following the 2000 seeing this is a market that may be overbought at this point. the dollar to the upside. but again down today. we have commodities under pressure. gold down three days in a row. of course, gold, silver and copper, yesterdaa at their lowest level of the year. once again today. back to you. connell: the japanese want to keep printing yen like they are going out of style. the market does not seem to be worried. north korea. the latest, south korea saying the north has moved a

of flirting with deflation. >> the oecd changed predictions for japan's deflation rate upward of 0.1% of this year to 1.8% to next year. it says the bank of japan should maintain the world monetary easing steps until its 2% inflation target is achieved. the oecd also notes it's crucial for japan to fully carry out prime minister's abe's policy based on three policy pillars, bold monetary easing, flexible fiscal policy, and a growth strategy. >>> let's get a check and see how markets are fairin >>> small squid vessels are being forced to suspend egg operations for two days starting on friday. the type of heavy oil used by fishing boats has surged more than 10% from last november. the japan squid fisheries say some 1,000 vessels will participate in the two-day suspension. it says the poil has become so expensive, the fishermen would lose money regardless of the side of their cash. they need extra oil to power lights in order to attract squid. the national federation of fisheries is asking the government to address the issue. if the yen is week other types of fishing boats may need to suspend operations. >> japan's economy is showing sign

of discussion. u.s. treasury officials last week called on japan not to deliberately devalue its currency. >> translator: japan's measures including those of the bank of japan are aimed at ending prolonged deflation. i will, again, clarify this at the g-20 meeting. so there is no misunderstanding about how true policy objectives. >>> japanese entrepreneurs have had the chance to hear how to be successful from some of the best in the i.t. business. global tech leaders have urged them to expand their businesses with an open mind. executives of japanese i.t. firms organized an event under the them innovation in tokyo on tuesday. their aim is to foster venture businesses in the country the group invited leading i.t. professionals from abroad who have started their own companies or managed start-ups. a co-founder of smartphone operating system android shared a story andy rubin said the software was originally designed for digital cameras, but a sluggish camera market forced the firm to switch plans and target smartphones instead. >> you have to be flexible in your business, and you have to understand, if your plan isn't going to work, you have to change

as much as the bank of japan's measures have taken hold markets looking at u.s. economic data as the key driver. further signs of slowing growth do come around especially with the gdp numbers due out tomorrow dollar.uld keep pressure on the there's also concern about slowing growth in europe and china after data in those show as well. that may weigh on sentiment here in japan as well. key exporters rely on demand from the u.s. and china. news of the transpacific partnership being pushed through by the u.s. could be a bit of a positive. the u.s. gdp data will be watched. 99.47 to 48 yen. let's have a look at the euro now changing 129.43 to 46. all eyes meeting after germany's sentiment business figures fell short of market consensus. earnings in japan are under way as well with yahoo japan. they're all going to come out with earnings later today. that will be a big focus as well. back to you. >> thanks, ramin. that's it for me for now. i'll leave you with the market figures. >>> japanese prime minister abe defended visits by his cabinet ministers to a war related s

. >>> bank of japan officials are following through on their promise to pop more money into the economy. they decided to purchase the longest ever amount of long term japanese bonds in a single operation. officials hope that will encourage more lending to businesses. the boj decided to buy about $12 billion worth of bonds. it is ader approach to monetary easing pl officials said they will spend $10 billion on bonds with maturities of five to ten years. the rest for longer term bonds. investors will look to see -- it hit a record low last week before showing volatile fluctuations. the yield drifted down, closing the day a little higher at 0.525%. more about japanese government bonds, credit ratings agency moody says it will buy time, but it will not solve the country's strul economic problems. analysts said that the latest central bank program will help boogs the credit rating of japanese bonds, but they warn unless japan turns it's economy around, their bond deals will likely go up. international investors are waiting to outline strategies for growth. the current account returned to the

on the big day of the bank of japan meeting. where they close today at 14 basis points. time a twhof year jgb was at 14 basis points? at the end of 2011, 16 months. watch the yield curve in japan it should demystify much of what you see in these commodity positions. back to you. >> rick santelli in chicago. let's get back to pisani. bob, we can bring guests from around the world, but not from 15 feet over there. ? we are literally 15 feet away. carl and i and david. it's amazing to me. anyway, my point today is watch the financials and some of the other stocks. you notice we're holding up even though the commodity markets and the commodity stocks are to the down side and that's a positive sign for rotational play in the market. it's very much a concern, but look at how the stock market is reacting to that. i've been asked about gold. i did that big special on gold, and i spent a lot of time with gold dealers. this is the perfect storm for gold right now. you have the deflationary concern anies cyprus proposed sale of gold, and what you've got and jim had it right is force

also the bank of japan governor will be giving a speech later today. it's always interesting to hear what he has to say. back to you. >> thanks for that update. >> sales hit a record high in march. japanese passenger cars regained a 15% share of the auto market for the first time in seven months, german makers have the largest share of japan's market along with south korean manufacturers. it gree grew more than 3 percentage points. among foreign makers in china, german firm vs t firms have the. japan and the united states are soon to reach an agreement in their preliminary. japan has already agreed to the u.s. retaining tariffs it imposes on imported from japan for the time being. japan agreed to increase the number of u.s. vehicles it imports only through document screening from the current 2,000 to 5,000. in the insurance sector the u.s. has been expressing concerns over japan post groups business. negotiations are near closing with japan promising to secure fair competition in that field. japanese agriculture products will receive some consideration

we don't fight the fed, the bank of england and japan and china. lou: european central bank is starting to line up where some of the countries over there insisting on a little more reserved and prudence than me but like. not as easy money as this government would like. will europe get on board? >> their dynamics are a bit different. they have to be careful because they talk about an area with different political issues and growth prospects with germany or france or italy or spain they will not take a single-minded approach but that does not mean they will not provide additional support. by doom see them to shore up the financial system to provide enough liquidity we do not see the risk to permeate to become a structural issue. >> earnings you are out of luck we will get about 3% earnings growth but current expectations are 5% so that shows be our on track to get 6 percent over the year. lou: the outlook for the markets? >> it is still two steps forward and one step back. they do not move in a straight line but with the backdrop of moderately improvi