Bank of Japan (BOJ) acted against majority expectations today and add further stimulus to its already record monetary easing.

For the first time in history Bank of Japan (BOJ) has introduced negative interest rates of -0.1%, while keeping the pace of purchase at ¥ 80 trillion. New adoption of negative interest rates were voted by five in favor and four against.

Majority of the participants and analysts (including us) were not expecting further stimulus, even those who were expecting more, weren't expecting negative rates as many times in recent meeting BOJ governor Kuroda mentioned BOJ doesn't want to experiment with negative rates.

More importantly, BOJ is trying to enforce dovish bias by saying it would dive further down if necessary. Negative rates will come into effect from February16, 2016.

Yen dropped sharply to as low as 121.45 per Dollar, however recovered on profit bookings and now trading at 119.9 per Dollar.

Nikkei is up 2.1%, trading at 17420.