Today’s Bank of Japan policy announcement was basically as economists expected -- no change to money base target and negative interest rates. But there was one surprise: sub-zero rates will no longer apply to money reserve funds, or securities brokerage settlement accounts, meaning brokerages won’t face the prospect of having to pay to hold funds on behalf of their clients. That sent shares of Nomura Holdings Inc. up as high as 3 percent initially, only to settle back to pre-announcement levels within an hour as analysts downplayed the likely impact on brokerage earnings.
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