Big day for equities in Japan and around the world, as at least temporarily the bulls are back in control, as the Fed brought the markets an early Christmas present. We are skeptical of the FOMC’s actions (see our reaction). At any rate, the Nikkei 225 and TOPIX both rallied 3.7%. For coverage of the [...]

The FOMC cut 0.5% from both the federal funds and discount rate on Tuesday, a positive surprise, resulting in a strong move to the upside for stocks. The Dow Jones Industrial Average gained 2.5% to 13,739.39, Nasdaq rose 2.7% to 2,651.66 and the S&P 500 climbed 2.9% to 1,519.78. Nikkei 225 December futures trading in [...]