Just under an hour ago, The Bank of Japan announced it would adopt a 2 per cent inflation target. It also announced it would pursue open-ended asset purchases starting in January 2014.
While all of this is pretty aggressive, it appears that it was largely priced into the markets.
The Japanese yen sunk after the announcement, but has since come back and is now up against the dollar.
Here’s an intraday chart of the U.S. dollar against the Japanese yen via Bloomberg.