Forexlive reports that on the BOJ decision next week, the firm's senior market economist, Naomi Muguruma, argues that the ECB decision sets a precedent that the BOJ can follow:

"The implication from the ECB decision is that markets are coming to terms with the fact that what central banks is countries struggling to emerge from negative rates are required to do doesn't have to be the same as those where interest rates are positive.

What's become clear from ECB and BOE actions is that it's important to take measures to support intermediary functions of financial institutions to avoid a financial crisis.

When every market is looking like it's melting down, it's more important to stem credit insecurity from spreading wider and prevent funding squeeze by providing ample funds and indirectly support corporate financing."