Overview

• The Bank of Japan's unexpected rate hike initially triggered historic volatility in global markets.
• Stocks saw the best two-day gain since May as panic subsided and markets stabilized.
• The yen fell as BOJ indicated no further rate hikes if market instability continues.
• US economic data showed mixed signals, with a strong service sector offsetting weak manufacturing and jobs reports.
• Analysts suggest the recent selloff may be a healthy correction rather than a sign of an impending recession.