European stock exchanges in negative territory (Ftse Mib down by 1.28%, Dax by 0.95% and London's ftse100 by 0.73%). Wall Street futures are also down (S&P500 -0.70%).
After the surprise move by the Japanese central bank which changed the fluctuation band of government bond yields, triggering a fall in local government bonds and a sharp appreciation of the yen.
The Japanese currency is at its highest since August against the dollar and trades at 133.20 yen to the dollar.