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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
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Business&Finance
World-Wide
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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
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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
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98 10 11 12 1 2
12:45 a.m.BOJ’s
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Oct. 30 Oct. 31 Oct. 30 Oct. 31Oct. 31 Oct. 31
17400
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Previous record
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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
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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.
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