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Quotes from Western Union:
- The yen collapsed to January 2008 lows after BoJ caught the world by surprise in announcing a stronger dose of monetary stimulus. The Japanese unit weakened by nearly three yen on the session, on pace to be its biggest single-day drubbing since April 2013, after the BOJ voted 5-4 to pump up its bond buying stimulus by as much as ¥20 trillion to ¥80 trillion annually.
- The surprise decision followed news showing inflation slowed, keeping below the bank's 2 percent goal, unemployment rose to 3.6 percent from 3.5 percent, and household spending sank 5.6 percent. The reports showed that Japan's spring tax hike had taken a bigger toll on the economy, thrusting officials into action a lot sooner to shore up faltering growth.
- Further losses appear on the cards for the yen with global central bank divergence on full display this week.
