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European shares rally after surprise BoJ easing

Paris - European shares surged in early trade on Friday, tracking sharp gains in Tokyo after the Bank of Japan (BoJ) stunned global financial markets by easing policy further.

At 10:03, the FTSEurofirst 300 index of top European shares was up 1.3% at 1 344.18 points, extending its sharp two-week rally.

The BoJ will increase the pace at which it expands base money to about ¥80trn per year, up from a previous target of ¥60trn to ¥70trn.

It also decided to increase its purchases of government debt by about ¥30trn and extend the average duration of JGB holdings to around 10 years, and decided to triple its purchases of exchange-traded funds and Japan real estate investment trusts.

The surprise announcement sent Tokyo's Nikkei index surging 4.8%.

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