New Bank of Japan boss to spend billions

In a bid to revive the flat Japanese economy, the Bank of Japan has announced that they will purchase government bonds worth 50 trillion yen (£350bn) per year. New Bank of Japan boss, Haruhiko Kuroad, says that he is willing to spend heavily to achieve an inflation target of 2%. He is trying to shock the Japanese market into growth and he sees this as the best way of boosting the economy and the trading markets. Dr Seijiro Takeshita, of Mizuho International, says that the Bank of Japan is buying up riskier assets and that they may need to do more to change the expectations of the markets. He says this is the biggest difference for 20 years, but they may need to do more to bring the economy around by deregulation. Dr Takeshita also suggests that the UK should not act too slowly and invest in the economy. He says: "Don't act too slow, act swiftly and boldly." April 5, 2013