Between the line details of BOJ monetary policy today

Key highlights of the day is that Bank of Japan (BOJ), adopted negative interest rates for first time in its history.

However in today's monetary policy statement and other release, there are some other details that demands a look at.

• BOJ not only adopted negative interest rates, it has also delayed its timing to reach 2% inflation target, which has been key goal for Abenomics part 1.
• It has also installed a dovish bias - saying it could cut deeper into negative territory if necessary. It has been one of the most forceful statement from BOJ in recent history.
• While implementing the negative rates, Bank of Japan will be using a three tier system, similar to Swiss National Bank, which sharply contrast with European Central Bank (ECB) and makes the effect weaker.
• Voting shows, not everyone got convinced. New measures were adopted with 5 votes in favor and 4 against.
• BOJ isn't expanding its asset purchase program, instead boosting it with negative rates, and communications seem to point it is likely to be that way over the coming polices.
• Citing lower energy prices, BOJ has increased the timeline to reach 2% inflation goal. Under current framework, the bank is expecting to reach the target by H1, 2017. Original expectations were for 2015.
• It has reduced its inflation target for March, 2017 to 0.8% from 1.4%.

Yen is suffering heavy volatility today, currently trading at 120.7 per Dollar.