EWJ and DXJ head to the flight levels as Japanese stocks thunder skyward following the resignation of Bank of Japan ’s Governor Shirakawa. Japanese stocks skyrocketed on Wednesday, after Bank of Japan Governor Masaaki Shirakawa announced that he would step down on March 19 – three weeks before his term is scheduled to end.  The move is expected to facilitate Prime Minister Shinzo Abe’s agenda for more aggressive monetary easing (NYSEARCA:FXY).  The Nikkei 225 Stock Average soared 3.77 percent to 11,463 (NYSEARCA:EWJ). Most of the major European stock indices declined on Wednesday as fears increased that Silvio Berlusconi could return to power in Italy and disrupt the progress which has been achieved in stabilizing the Eurozone economy as well as the sovereign debt crisis (NYSEARCA:VGK). In Germany, Destatis reported that the nation’s factory orders increased by 0.8 percent in December after November’s 1.8 percent decline.  Domestic orders fell by 1.2 percent, while foreign orders increased by 2.4 percent.  (NYSEARCA:EWG). As of 11:14 EST, the Euro STOXX 50 Index sank 1.03 percent to 2,623 – staying above its 50-day moving average of 2,538.  After breaking above its resistance level of 2,700 on January 21, the STOXX 50 is once again experiencing resistance at that level, which has been a barrier since the beginning of the year.  Its Relative Strength Index is 41.85 (NYSEARCA:FEZ).  The FTSE 100 Index advanced 0.21 percent to 6,296 (NYSEARCA:EWU).  The German DAX Index fell 0.94 percent to 7,593 (NYSEARCA:EWG).  France’s CAC 40 Index dropped 1.16 percent to 3,652 (NYSEARCA:EWQ).  Spain’s IBEX 35 Index dipped by 0.20 percent to 8,076 (NYSEARCA:EWP).  Italy’s FTSE MIB Index declined 0.46 percent to 16,635. (NYSEARCA:EWI). As of 11:26 EST, the euro declined 0.35 percent against the dollar, trading at $1.3535 (NYSEARCA:FXE).   Forex – EUR/USD Dips as Market Braces for ECB Decision Spain’s ten-year bond yield advanced to 5.40 percent on Wednesday from Tuesday’s closing level of 5.34 percent.  Spain’s two-year bond yield climbed to 2.83 percent on Wednesday from Tuesday’s closing level of 2.76 percent. (NYSEARCA:EWP). Italy’s ten-year bond yield advanced to 4.57 percent on Wednesday from Tuesday’s closing level of 4.47 percent (NYSEARCA:EWI). On London’s ICE Futures Europe Exchange, March futures for Brent crude oil advanced by 18 cents (0.16 percent) to $115.75/bbl. (NYSEARCA:BNO, NYSEARCA:USO).   US Consumers Subsidizing Venezuela Gasoline April Gold Futures advanced by $2.80 (0.17 percent) to $1,676.30 per ounce (NYSEARCA:GLD). In China, stocks advanced in anticipation of favorable reports to be released on Friday by the National Bureau of Statistics concerning consumer prices and producer prices.  The Shanghai Composite Index rose for the eighth consecutive day, advancing 0.06 percent to 2,434 (NYSEARCA:FXI).  Hong Kong’s Hang Seng Index climbed 0.47 percent to 23,256 (NYSEARCA:EWH). American stock index futures trading was in negative territory ahead of Wednesday’s opening bell as a result of concern, on the eve of European Union budget talks, that French President François Hollande could succeed in his efforts to convince the European Union to control the euro’s exchange rate (i.e. to debase the euro).  The March 13 Dow Jones Industrials future declined 0.29 percent to 13,870 as of 9:14 EST.  The March 13 S&P 500 future dropped 0.32 percent to 1,501 (NYSEARCA:SPY).  The March 13 Nasdaq 100 future also fell 0.32 percent to 2,740. Bottom line:  The major European stock indices retreated on Wednesday as Silvio Berlusconi assumed the role of  “The Thing That Wouldn’t Leave”, while in Japan, BoJ Governor Masaaki Shirakawa IS leaving, to the delight of investors who are anxious for more monetary easing. Sign up for Wall Street Sector Selector’s FREE Stock Market Timing Indicator!    Disclaimer: The content included herein is for educational and informational purposes only, and readers agree to Wall Street Sector Selector’s Disclaimer , Terms of Service , and Privacy Policy before accessing or using this or any other publication by Wall Street Sector Selector or Ridgeline Media Group, LLC.