1
YELLOW VOL. CCLXIV NO. 105 ******** SATURDAY/SUNDAY, NOVEMBER 1 - 2, 2014 HHHH $2.00 WSJ.com WEEKEND Free Speech THE END OF REVIEW Move Over, Meat OFF DUTY n Japan’s central bank and main government pension fund said they would pump trillions of yen into the nation’s sputtering economy in a bid to fight stubborn deflation. A1 n The moves in Tokyo sparked a world-wide stock rally, pushing the Dow and S&P 500 to record highs and driving the yen sharply lower. A1, B5 n U.S. employers’ compen- sation costs increased in the past two quarters at their fastest pace since 2008. A2 n Exxon and Chevron posted surprising profit growth, for- tified against oil-price swings by strength in refining. B3 n Russia’s central bank raised interest rates sharply, seeking to slow inflation and shore up the sagging ruble. A9 n J.P. Morgan discovered it was hit by a massive cyber- attack in part because of a foot race the bank sponsors. B1 n U.S. regulators disclosed a new air-bag recall involving Infiniti vehicles, raising deeper quality-control concerns. B4 n Banks must hold enough cash to cover expected out- flows over a one-year hori- zon, global regulators said. B2 n Sony posted another hefty loss, but strong PlayStation 4 sales added a bright note. B3 What’s News i i i Business & Finance World-Wide i i i CONTENTS Books........................ C5-10 Eating...................... D1,4-6 Corporate News B1,3-4 Gear & Gadgets D11-12 Heard on Street....... B14 Letters to Editor .... A12 Opinion................... A11-13 Sports ........................... A10 Stock Listings... B12-13 Style & Fashion.... D2-3 Travel........................... D7-8 Weather Watch...... B13 Wknd Investor ...... B7-9 s Copyright 2014 Dow Jones & Company. All Rights Reserved > Inside NOONAN A13 From Ellis Island To Ebola T he battle for control of the Senate is coming down to races in eight states that are too close to call and, in some cases, may be tightening. A1 n A Virgin Galactic craft de- signed for space tourists came apart in a test flight, killing one pilot and injuring the other. B1 n U.S. spies are tapping the communications of Syria’s Assad regime for informa- tion on Islamic State. A6 n Israel reopened a Jerusa- lem holy site for Friday Mus- lim prayers, but unrest deep- ened in parts of the city. A6 n Iran continues to stone- wall U.N. inspectors, compli- cating U.S. efforts to forge a nuclear agreement. A6 n Burkina Faso’s army seized power after protests over the president’s plan to extend his 27-year rule. A7 n Hospitals are grappling with whether to withhold some Ebola treatments to avoid exposing health workers. A14 n China said it would send a medical team to Liberia. A14 n A man attacked a police car in Washington with an ax, raising fears a similar, recent attack spurred a copycat. A5 n Germany plans to charge tolls on the autobahn, though only to foreigners. A9 Clocks Move Back Standard time begins 2 a.m. Sunday. Clocks move back by one hour. Daylight-saving time returns March 8, 2015. Related article on page A2 Japan’s stimulus plans rippled across global markets, pushing the Dow Jones Industrial Average to a record, sending the dollar near a seven-year high against the Japanese yen and pulling U.S. government bond prices lower. The Bank of Japan’s move on Friday is the latest shift in an in- vestment landscape already char- acterized by low interest rates and an investor thirst for higher- yielding assets. By boosting annual asset pur- chases by as much as a third, to ¥80 trillion ($732 billion), the Bank of Japan stands to bolster global demand for stocks by driv- ing down bond yields, making shares relatively more attractive. The European Central Bank in Oc- tober kicked off its own round of bond buying in a bid to jolt low inflation on the Continent, while the Federal Reserve on Wednes- day ended its bond-buying pro- gram amid steady improvement in job growth. The expanding gap between the U.S. and European and Japa- nese central-bank policies has sent money flooding into the U.S. in anticipation of higher returns. “The world has grown ad- dicted to easing,” said Savita Sub- ramanian, chief U.S. stock strate- gist at Bank of America Merrill Lynch. In a further boost, the Japanese government’s pension fund said Friday that it would Please turn to page A8 BY TOM LAURICELLA AND CORRIE DRIEBUSCH Dow Hits A Record, Bonds Fall In U.S. TOKYO—Japan’s central bank and its main government pen- sion fund said Friday they would pump trillions more yen into the country’s sputtering economy, taking a risky new stimulus tack that jolted global markets. Faced with fresh evidence that Prime Minister Shinzo Abe’s campaign to end the country’s long bout with deflation was fal- tering, the two institutions steered Japanese economic pol- icy into the uncharted territory of extreme stimulus that ap- peared to go even beyond the of- ten radical measures taken by other advanced economies in re- cent years. The Bank of Japan’s board was deeply divided over the unprecedented measures. The fresh injection of liquidity from Tokyo into global mar- kets—coming at a time when in- vestors have grown nervous about the prospect of the U.S. Federal Reserve tightening its policy—led the Dow Jones Indus- trial Average and the S&P 500 index to record closes on Friday. In Tokyo, the Nikkei Stock Av- erage jumped nearly 5% on heavy volume, bringing the in- dex to its highest level since late 2007, while the yen fell to its lowest value against the dollar in almost seven years. Investors said the Japanese move put new pressure on central banks from South Korea to Europe to follow suit with their own increased stimulus. Officials said the central bank and pension moves weren’t coor- dinated, but they shared the goal of pushing the reset button for global investors who have soured on Abenomics in recent months. “In our view, it is no co- incidence,” said Naohiko Baba, chief Japan economist at Gold- man Sachs. “All the available measures of Abenomics were mobilized to- day,” said Deutsche Bank strate- gist Taisuke Tanaka. After months of saying its big easing campaign unleashed last year would be sufficient to lift Japan’s economy, the Bank of Ja- pan announced Friday it would expand its asset-buying program by as much as 33% and buy not just more government bonds, but also stocks and real-estate Please turn to page A8 By Jacob M. Schlesinger, Eleanor Warnock and Takashi Nakamichi Japan’s Bold Stimulus Jolts Markets Central Bank, Pension Fund Vow Unprecedented Asset Purchases Note: All times Eastern Sources: FactSet (indexes, gold); ICAP (yen) Photo: Agence France-Presse/Getty Images The Wall Street Journal Global Rally Japan’s Nikkei Stock Average tallied its largest point gain in six years Friday after the Bank of Japan’s Haruhiko Kuroda (above) set stimulus plans. The dollar soared against the yen and the Dow set a record. Gold tumbled. Nikkei Gold futures DJIA Dollar vs. Yen 16600 15800 15960 16120 16280 16440 9 8 10 11 12 1 2 12:45 a.m. BOJ’s announcement Oct. 30 Oct. 31 Oct. 30 Oct. 31 Oct. 31 Oct. 31 17400 17275 17300 17325 17350 17375 10 11 12 1 2 3 4 Previous record Previous close ¥113 per dollar 108 109 110 111 112 9 12 3 6 9 12 3 $1,200 1,150 1,160 1,170 1,180 1,190 a troy ounce 9 10 11 12 1 Long Battle ForSenate Hinges On Eight Races Kent Brantly suffered a deep loneliness. He spent days in bed, afraid and in pain. Overworked doctors came and went, but he could only see their eyes through the moonsuits they wore as a shield against the Ebola virus draining away his life. “I needed help to go to the bathroom, I needed water to drink,” said Dr. Brantly, who got sick in Monrovia, Liberia. “I was scared and there was no- body there.” Missionary Nancy Writebol deals with a differ- ent isolation more than two months after her dis- charge from the hospital, now free of Ebola. Not sure whether people want to shake her hand, she waits. “You have some people that just totally wrap their arms around you, and shake your hand,” she said. “And then you have other people that stand 10 feet away.” BY BETSY MCKAY ‘I MAY DIE RIGHT HERE’ Ebola Survivors’ Painful, Lonely Journeys Control of the Senate next year, a months-long battle cost- ing $423 million in TV ads alone, is coming down to races in eight states that remain too close to call and, in some cases, appear to be tightening. The overall climate continues to favor Republicans, who enter the final weekend before Elec- tion Day with multiple routes to pick up the six seats they need to claim the Senate majority. And yet, Democrats still see ways to retain it, despite contin- ued headwinds. Neither party’s candidates are pulling away to safe leads in the most competi- tive contests. In last-minute moves, Repub- licans are pouring more ad money into New Hampshire, where polling suggests that Democratic Sen. Jeanne Sha- heen’s lead has narrowed. Demo- crats and some GOP groups say Alaska’s hard-to-poll contest re- mains tight. A win there would give Democrats an unexpected assist in holding their Senate majority. These down-to-the-wire con- tests inject added uncertainty into the final days of the mid- term campaigns as both sides scramble to turn out the vote. The narrow margins in many races leave open the possibility of everything from a big GOP win to continued Democratic control. With so many races close— and contests in Louisiana and Georgia possibly moving to a round of runoff voting in Decem- ber or January—the balance of power may not be known on Please turn to page A4 BY PATRICK OCONNOR NEW YORK—If Deena Kastor knew why the first stitch of her il- lustrious career struck at mile 10 of a half marathon in Philadelphia this Sep- tember—ending her hopes of winning that race— then she could probably ensure that it wouldn’t re- cur in the TCS New York City Marathon on Sunday. But the Olympic bronze medalist, who holds the U.S. record in the women’s marathon, was left guessing. “It may have been the humidity,” she said in an interview two days after the Philadel- phia race. The stitch, an exercise- induced pain in the side, is a medical mystery. Many physi- cians call it a spasm of the dia- phragm. Others say it is akin to the headache—a symptom with a multitude of potential causes. The world’s perhaps most-published authority on the stitch, Australian scientist Darren Morton, disputes both theories, calling it an irritation of the parietal peritoneum, the outer lining of the ab- domen. Whatever it is, Dr. Morton’s research shows that the stitch afflicts about one in five partici- pants in a typical distance race. That suggests that about 9,000 runners in Sunday’s New York mara- thon will experience a sharp pain in their side. For some it will be debili- tating, reducing them to a walk. For others it will be a pace-slowing nuisance. For many, it will nix any hope of achieving the dream of a negative Please turn to page A5 BY KEVIN HELLIKER Runners Know a Stitch Hurts Time, But Its Cause Remains a Mystery i i i Australian Scientist Focuses on Side Pain; 1st-Century Treatment From Pliny the Elder Deena Kastor Dr. Brantly and Mrs. Writebol are among nine people who have been treated for Ebola so far in the U.S. Both recuperated in an isolation ward at Emory University Hospital in Atlanta. And like the survivors of the ghastly disease in West Af- rica, they have emerged to find their lives changed. The varied experiences of these patients trace the splintered path of Ebola in the U.S. Thomas Eric Duncan, the Liberian who fell ill in Dallas, has been the only one of the nine to die. Two of his nurses who got Ebola recovered. Nina Pham was released from a National Institutes of Health facility two weeks after first signs of a fever. Amber Vinson, whose weekend trip to Cleveland elevated fears about the difficulty of containing Please turn to page A14 GOP’s North Carolina tack ...... A4 Distracted New Hampshire .... A4 More on the markets ................. B5 Heard: The BOJ needs help... B14 U.S. hospitals weigh staff safety................................ A14 Missionary Nancy Writebol recovered from Ebola in Atlanta. Getty Images Classique Hora Mundi BREGUET BOUTIQUES NEW YORK BEVERLY HILLS BAL HARBOUR LAS VEGAS TOLL FREE 877-891-1272 C M Y K Composite Composite MAGENTA CYAN BLACK P2JW305000-8-A00100-10FEEB7178F CL,CX,DL,DM,DX,EE,EU,FL,HO,KC,MW,NC,NE,NY,PH,PN,RM,SA,SL,SW,TU,WB,WE BG,BM,BP,CC,CH,CK,CP,DN,DR,FW,HL,HW,KS,LG,LK,MI,ML,NM,PA,PI,PV,TD,TS,UT,WO P2JW305000-8-A00100-10FEEB7178F

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YELLOW

VOL. CCLXIV NO. 105 * * * * * * * *

SATURDAY/SUNDAY, NOVEMBER 1 - 2, 2014

HHHH $2 .00

WSJ.com

WEEKEND

FreeSpeech

THEEND OF

REVIEW

MoveOver,MeatOFF DUTY

n Japan’s central bank andmain government pensionfund said they would pumptrillions of yen into the nation’ssputtering economy in a bid tofight stubborn deflation. A1nThemoves in Tokyosparked a world-wide stockrally, pushing the Dow and S&P500 to record highs and drivingthe yen sharply lower. A1, B5n U.S. employers’ compen-sation costs increased in thepast two quarters at theirfastest pace since 2008. A2n Exxon and Chevron postedsurprising profit growth, for-tified against oil-price swingsby strength in refining. B3n Russia’s central bankraised interest rates sharply,seeking to slow inflation andshore up the sagging ruble. A9n J.P. Morgan discovered itwas hit by a massive cyber-attack in part because of afoot race the bank sponsors. B1n U.S. regulators disclosed anew air-bag recall involvingInfiniti vehicles, raising deeperquality-control concerns. B4n Banks must hold enoughcash to cover expected out-flows over a one-year hori-zon, global regulators said. B2n Sony posted another heftyloss, but strong PlayStation 4sales added a bright note. B3

What’sNews

i i i

Business&Finance

World-Wide

i i i

CONTENTSBooks........................ C5-10Eating...................... D1,4-6Corporate News B1,3-4Gear & Gadgets D11-12Heard on Street.......B14Letters to Editor.... A12

Opinion................... A11-13Sports........................... A10Stock Listings... B12-13Style & Fashion.... D2-3Travel........................... D7-8Weather Watch...... B13Wknd Investor...... B7-9

s Copyright 2014 Dow Jones & Company.All Rights Reserved

>

InsideNOONAN A13

FromEllis IslandTo Ebola

The battle for control ofthe Senate is coming down

to races in eight states that aretoo close to call and, in somecases, may be tightening. A1n A Virgin Galactic craft de-signed for space tourists cameapart in a test flight, killing onepilot and injuring the other. B1n U.S. spies are tapping thecommunications of Syria’sAssad regime for informa-tion on Islamic State. A6n Israel reopened a Jerusa-lem holy site for Friday Mus-lim prayers, but unrest deep-ened in parts of the city. A6n Iran continues to stone-wall U.N. inspectors, compli-cating U.S. efforts to forge anuclear agreement. A6n Burkina Faso’s armyseized power after protestsover the president’s plan toextend his 27-year rule. A7n Hospitals are grapplingwith whether to withhold someEbola treatments to avoidexposing health workers. A14n China said it would send amedical team to Liberia. A14n A man attacked a policecar in Washington with an ax,raising fears a similar, recentattack spurred a copycat. A5n Germany plans to chargetolls on the autobahn,though only to foreigners. A9

Clocks Move BackStandard time begins 2 a.m.Sunday. Clocks move backby one hour. Daylight-savingtime returns March 8, 2015.Related article on page A2

Japan’s stimulus plans rippledacross global markets, pushingthe Dow Jones Industrial Averageto a record, sending the dollarnear a seven-year high againstthe Japanese yen and pulling U.S.government bond prices lower.

The Bank of Japan’s move onFriday is the latest shift in an in-vestment landscape already char-acterized by low interest ratesand an investor thirst for higher-yielding assets.

By boosting annual asset pur-chases by as much as a third, to¥80 trillion ($732 billion), theBank of Japan stands to bolsterglobal demand for stocks by driv-ing down bond yields, makingshares relatively more attractive.The European Central Bank in Oc-tober kicked off its own round ofbond buying in a bid to jolt lowinflation on the Continent, whilethe Federal Reserve on Wednes-day ended its bond-buying pro-gram amid steady improvementin job growth.

The expanding gap betweenthe U.S. and European and Japa-nese central-bank policies hassent money flooding into the U.S.in anticipation of higher returns.

“The world has grown ad-dicted to easing,” said Savita Sub-ramanian, chief U.S. stock strate-gist at Bank of America MerrillLynch. In a further boost, theJapanese government’s pensionfund said Friday that it would

PleaseturntopageA8

BY TOM LAURICELLAAND CORRIE DRIEBUSCH

Dow HitsA Record,Bonds FallIn U.S.

TOKYO—Japan’s central bankand its main government pen-sion fund said Friday they wouldpump trillions more yen into thecountry’s sputtering economy,taking a risky new stimulus tackthat jolted global markets.

Faced with fresh evidencethat Prime Minister Shinzo Abe’scampaign to end the country’slong bout with deflation was fal-tering, the two institutionssteered Japanese economic pol-icy into the uncharted territoryof extreme stimulus that ap-peared to go even beyond the of-ten radical measures taken byother advanced economies in re-cent years. The Bank of Japan’sboard was deeply divided overthe unprecedented measures.

The fresh injection of liquidityfrom Tokyo into global mar-kets—coming at a time when in-vestors have grown nervousabout the prospect of the U.S.Federal Reserve tightening itspolicy—led the Dow Jones Indus-trial Average and the S&P 500index to record closes on Friday.

In Tokyo, the Nikkei Stock Av-erage jumped nearly 5% onheavy volume, bringing the in-dex to its highest level since late2007, while the yen fell to itslowest value against the dollarin almost seven years. Investorssaid the Japanese move put newpressure on central banks fromSouth Korea to Europe to followsuit with their own increasedstimulus.

Officials said the central bankand pension moves weren’t coor-dinated, but they shared the goalof pushing the reset button forglobal investors who have

soured on Abenomics in recentmonths. “In our view, it is no co-incidence,” said Naohiko Baba,chief Japan economist at Gold-man Sachs.

“All the available measures ofAbenomics were mobilized to-

day,” said Deutsche Bank strate-gist Taisuke Tanaka.

After months of saying its bigeasing campaign unleashed lastyear would be sufficient to liftJapan’s economy, the Bank of Ja-pan announced Friday it would

expand its asset-buying programby as much as 33% and buy notjust more government bonds,but also stocks and real-estate

PleaseturntopageA8

By JacobM. Schlesinger,EleanorWarnock andTakashi Nakamichi

Japan’s Bold Stimulus Jolts MarketsCentral Bank,Pension Fund VowUnprecedentedAsset Purchases

Note: All times Eastern Sources: FactSet (indexes, gold); ICAP (yen) Photo: Agence France-Presse/Getty Images The Wall Street Journal

Global RallyJapan’s Nikkei Stock Average tallied its largest point gain in six years Friday after the Bank of Japan’s HaruhikoKuroda (above) set stimulus plans. The dollar soared against the yen and the Dow set a record. Gold tumbled.

Nikkei Gold futuresDJIA Dollar vs. Yen16600

15800

15960

16120

16280

16440

98 10 11 12 1 2

12:45 a.m.BOJ’s

announcement

Oct. 30 Oct. 31 Oct. 30 Oct. 31Oct. 31 Oct. 31

17400

17275

17300

17325

17350

17375

10 11 12 1 2 3 4

Previous record

Previous close¥113 per dollar

108

109

110

111

112

9 12 3 6 9 12 3

$1,200

1,150

1,160

1,170

1,180

1,190

a troy ounce

9 10 11 12 1

LongBattleForSenateHingesOnEightRaces Kent Brantly suffered a deep loneliness. He

spent days in bed, afraid and in pain. Overworkeddoctors came and went, but he could only see theireyes through the moonsuits they wore as a shieldagainst the Ebola virus draining away his life.

“I needed help to go to the bathroom, I neededwater to drink,” said Dr. Brantly, who got sick inMonrovia, Liberia. “I was scared and there was no-body there.”

Missionary Nancy Writebol deals with a differ-ent isolation more than two months after her dis-charge from the hospital, now free of Ebola. Notsure whether people want to shake her hand, shewaits. “You have some people that just totallywrap their arms around you, and shake yourhand,” she said. “And then you have other peoplethat stand 10 feet away.”

BY BETSY MCKAY

‘I MAY DIE RIGHT HERE’

EbolaSurvivors’Painful, Lonely Journeys

Control of the Senate nextyear, a months-long battle cost-ing $423 million in TV ads alone,is coming down to races in eightstates that remain too close tocall and, in some cases, appearto be tightening.

The overall climate continuesto favor Republicans, who enterthe final weekend before Elec-tion Day with multiple routes topick up the six seats they needto claim the Senate majority.And yet, Democrats still seeways to retain it, despite contin-ued headwinds. Neither party’scandidates are pulling away tosafe leads in the most competi-tive contests.

In last-minute moves, Repub-licans are pouring more admoney into New Hampshire,where polling suggests thatDemocratic Sen. Jeanne Sha-heen’s lead has narrowed. Demo-crats and some GOP groups sayAlaska’s hard-to-poll contest re-mains tight. A win there wouldgive Democrats an unexpectedassist in holding their Senatemajority.

These down-to-the-wire con-tests inject added uncertaintyinto the final days of the mid-term campaigns as both sidesscramble to turn out the vote.The narrow margins in manyraces leave open the possibilityof everything from a big GOPwin to continued Democraticcontrol.

With so many races close—and contests in Louisiana andGeorgia possibly moving to around of runoff voting in Decem-ber or January—the balance ofpower may not be known on

PleaseturntopageA4

BY PATRICK O’CONNOR

NEW YORK—If Deena Kastorknew why the first stitch of her il-lustrious career struck atmile 10 of a half marathonin Philadelphia this Sep-tember—ending her hopesof winning that race—then she could probablyensure that it wouldn’t re-cur in the TCS New YorkCity Marathon on Sunday.

But the Olympic bronzemedalist, who holds theU.S. record in thewomen’s marathon, wasleft guessing. “It may havebeen the humidity,” shesaid in an interview twodays after the Philadel-phia race.

The stitch, an exercise-induced pain in the side,is a medical mystery. Many physi-cians call it a spasm of the dia-phragm. Others say it is akin to

the headache—a symptom with amultitude of potential causes. Theworld’s perhaps most-publishedauthority on the stitch, Australian

scientist Darren Morton,disputes both theories,calling it an irritation ofthe parietal peritoneum,the outer lining of the ab-domen.

Whatever it is, Dr.Morton’s research showsthat the stitch afflictsabout one in five partici-pants in a typical distancerace. That suggests thatabout 9,000 runners inSunday’s New York mara-thon will experience asharp pain in their side.For some it will be debili-tating, reducing them to awalk. For others it will bea pace-slowing nuisance.

For many, it will nix any hope ofachieving the dream of a negative

PleaseturntopageA5

BY KEVIN HELLIKER

Runners Know a Stitch Hurts Time,But Its Cause Remains a Mystery

i i i

Australian Scientist Focuses on Side Pain;1st-Century Treatment From Pliny the Elder

Deena Kastor

Dr. Brantly and Mrs. Writebol are among ninepeople who have been treated for Ebola so far inthe U.S. Both recuperated in an isolation ward atEmory University Hospital in Atlanta. And likethe survivors of the ghastly disease in West Af-rica, they have emerged to find their liveschanged.

The varied experiences of these patients tracethe splintered path of Ebola in the U.S. ThomasEric Duncan, the Liberian who fell ill in Dallas,has been the only one of the nine to die. Two ofhis nurses who got Ebola recovered. Nina Phamwas released from a National Institutes of Healthfacility two weeks after first signs of a fever.Amber Vinson, whose weekend trip to Clevelandelevated fears about the difficulty of containing

PleaseturntopageA14

GOP’s North Carolina tack...... A4 Distracted New Hampshire.... A4

More on the markets................. B5 Heard: The BOJ needs help... B14

U.S. hospitals weigh staff safety................................ A14Missionary Nancy Writebolrecovered from Ebola in Atlanta.

Getty

Images

Cla

ssiq

ueH

ora

Mun

di

B R E G U E T B O U T I Q U E SNEW YORK BEVERLY H ILLS BAL HARBOUR LAS VEGAS

TOLL FREE 877- 891-1272

CM Y K CompositeCompositeMAGENTA CYAN BLACK

P2JW305000-8-A00100-10FEEB7178F CL,CX,DL,DM,DX,EE,EU,FL,HO,KC,MW,NC,NE,NY,PH,PN,RM,SA,SL,SW,TU,WB,WEBG,BM,BP,CC,CH,CK,CP,DN,DR,FW,HL,HW,KS,LG,LK,MI,ML,NM,PA,PI,PV,TD,TS,UT,WO

P2JW305000-8-A00100-10FEEB7178F