Markets returned to "exuberance" in the last quarter, a sign they are once again under the "sway" of central banks, the Bank for International Settlements said in its latest quarterly review, published on September 18.

The Bank of Japan and Bank of England both eased policy during the period, helping to push more money towards equity markets in search of yield. Markets rallied, but there was a "distinctly mixed feel" to the move, Claudio Borio, head of the monetary and economic department, told