Bank of Japan stimulus plan 'a very big deal'

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Japan's stock market has hit its highest level in almost five years, after a central bank stimulus plan raised hope of economic revival.

The main Nikkei 225 stock index climbed as much as 4.7% to 13,225.62, its highest since August 2008.

The Bank of Japan said on Thursday it would double the country's money supply to spur growth and halt falling prices.

Martin Schulz of Fujitsu Research Institute described the stimulus plan as a "very big deal".

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