"No matter how much the yen weakens from the current level we are unlikely to see a sharp recovery in exports, " said Junko Nishioka, chief economist at RBS Securities in Japan.

BBC: Japan posts trade deficit for eighth straight month

"The market had concerns about the BOJ announcing any policy actions today, but the BOJ's decisions exceeded investor expectations, " said Junko Nishioka, Chief Economist at RBS Securities Japan, in a note.

WSJ: Nikkei Rebounds on BOJ Outcome

"Kuroda made good on his promise of boosting monetary easing in terms of both volume and types of assets that the bank purchases, " said Junko Nishioka, chief Japan economist at RBS Securities in Tokyo.

BBC: Haruhiko Kuroda

"This clearly indicates that the government and the central bank will be working towards the same target and there will be an agreement on what direction the Japanese economy should take from here, " Junko Nishioka of RBS Securities told the BBC.

BBC: Haruhiko Kuroda