Morning Edition's top of the hour news segment (sorry, no link) told listeners that the Nikkei dropped in response to the Bank of Japan's commitment to support stimulus. The Wall Street Journal said the opposite, pointing out that the bank's asset purchase plans were quite modest. According to the WSJ, the decline in Japan's stock market and rise in the yen was due to the concern that the bank was insufficiently committed to stimulus.

Site Maintenance

"The CEPR website currently takes longer to load than usual. We hope to have this and other issues addressed shortly. While this much needed site maintenance is taking place, our content is still available so please continue to slooowwwly surf the pages of our site. Thank you for your patience."