Here's What the Bank of Japan's Policy Changes Mean for the Federal Reserve

The Bank of Japan's policy changes announced Wednesday take some pressure off of the Federal Reserve. "I think it does give the Fed some wiggle room in the longer-run," said Carol Schleif, deputy chief investment officer at Abbot Downing. The Bank of Japan left interest rates unchanged and in negative territory. A further cut to interest rates would move the Bank of Japan's policy further away from where the Federal Reserve is. The Bank of Japan also set a new 0% yield target for its 10-year government bonds, which have remained in negative for months. The Fed holds its September meeting on Wednesday. TheStreet's Scott Gamm reports from Wall Street.