The Japanese Market Surged To A 4.5 Year High After The Government Fulfilled A Key Step In 'Abenomics'

The Japanese market surged last night.

Here's a chart of the Nikkei.

Nikkei.com

Actually, 1.45%, although big, is not huge by recent standards. But it was enough to push the index to a 4.5-year high.

The latest catalyst?

Japan's parliament approved 3 doves to run the Bank of Japan.

A key aspect of Japan's recovery strategy -- which has been dubbed Abenomics, after new PM Shinzo Abe -- is ultra-easy monetary policy and aggressive targeting of higher inflation.

There had been some concerns about whether Abe would get all of his preferred picks to run the central bank. That has now been assuaged.