Investors are not all too impressed by the BOJ action
The BOJ appears to be pledging to catch a falling knife here as doubling up their ETF purchases also does not look to be doing the trick to save equities from falling further.
The Nikkei reacted favourably to the decision initially but has now fallen back by just over 1% near the lows for the day.
USD/JPY is also now trading around 106.50-70 and the lack of yen weakness will be a problem for the BOJ as the market will surely take this as a sign that the central bank doesn't have much tools to push back against appreciation in the currency.
Update (0546): Fresh lows for the Nikkei, down by over 2.3% now.
