"Markets are continually disappointed when expectations aren't met"
- Peter Esho, chief market strategist at City Index Ltd.
Japanese stocks closed lower on Friday after the ECB refrained from monetary policy easing.
The Nikkei 225 Stock Average lost 1.13 per cent, or 98.07 points, to 8,555.11. The broader Topix Index erased 1.23 per cent, or 9.04, to 723.94.
"Markets are continually disappointed when expectations aren't met," said Peter Esho, chief market strategist at Sydney-based City Index Ltd.
"Expectations for the ECB were out of line."
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