Taro Aso, Japan's Deputy Prime Minister and Finance Minister.
The euro fell 0.7 percent at 9:32 a.m. in London, as bonds from Germany to Spain and Italy gained. The MSCI All-Country World Index rose 0.1 percent, with the Stoxx Europe 600 Index up 0.8 percent. Standard & Poor’s 500 Index futures advanced 0.3 percent after the gauge closed at a record. The yen added 0.4 percent for its first gain in seven days as Finance Minister Taro Aso said its decline has been too fast. Credit-default swaps insuring government bonds in the Asian nation climbed to a 13-month high. The ruble gained for a fifth day, and oil rose.
Draghi said the ECB needs to accelerate inflation quickly and may broaden its
asset-purchase program. Asian shares rose as the People’s Bank of China said it will provide liquidity support through multiple monetary policy tools when necessary. Data this week showed Asia’s two largest economies struggling, with Japan falling back into recession and Chinese factory activity at a six-month low.
“Draghi does not have the magic stick, but market participants want to believe that more measures are about to come,” said Stephane Ekolo, chief European strategist at Market Securities in London. “Draghi’s latest comments can also be seen as somewhat reassuring in the sense that the accommodative policy is there to stay for a while.”
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