Japan has announced a new $99 billion stimulus program. It sounds like a lot until you put it in the context of how much we’re spending here to save the economy (last count: $12.8 trillion).
The country’s GDP shrank by over 12% in Q4, but in keeping with the tradition, unemployment is only 4.4%.
Stocks, meanwhile, are once again showing follow through on the rally. The Nikkei was up 1.2% and Hong Kong was up over 3%. Shares of HSBC were up over 5% after successfully completeing a new rights offering. Europe is up as well, with the indices gaining over 1%.