OVERNIGHT

The stun this time wasn't a gun. It was below zero interest rates and the perpetrator was the Bank of Japan as they unexpectedly cut a benchmark interest rate below zero Friday. It was a move supposedly to protect to protect it's already weak economy from all the recent concern about a global recession and the volatility we've seen since the beginning of the year.

Taking a page from ECB President Mario Draghi, the BOJ essentially played the we-are-prepared-to-do-whatever-it-takes card. As we've said before markets love put options and this is exactly what this move is. As you might expect Asian shares rallied on the news, the yen weakened and bonds moved higher.

What made the bold move so stunning is just last week BOJ Governor said no plan to adopt negative interest rates was in the agenda. the bank's policy board in a 5-4 vote opted to charge a 0.1percent interest on institutional funds held at the BOJ. The Nikkei rallied 2.8%.

In setting negative interest rates, the BOJ is not alone. The WSJ reports: .The central bank is now the second of the world’s major central banks to set negative interest rates, joining the European Central Bank, which first did so in 2014. The central banks of Sweden, Denmark and Switzerland also have negative interest-rate policies.

The Hong Kong Hand Send fishes he'd up 2%, Aussie shares rallied 0.8% and Sourh Korea's Kospi 0.2%.