Asian Market Update : Epic Research Malaysia

Asian shares jumped on Friday and the yen swooned after the Bank of Japan stunned markets by adopting negative interest rates in its boldest step yet to reinflate the long-languishing economy.

The yen fell across the board and sovereign bonds rallied after Japan's central bank said it would charge 0.1 per cent for excess reserves parked with the institution, an aggressive policy pioneered by the European Central Bank.

It also said rates could go even more negative if needed to ensure inflation gravitated to its long-held, and often missed, target of 2 per cent.

The move came as a major surprise to investors, who had thought policy makers too cautious to ever adopt such radical measures. The reaction was immediate with the dollar surging over two yen to 121.14.

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