The Bank of Japan in this case works like the accelerator of the Fed's policy with respect to the eurodollar market. In log step both central banks are sucking out liquidity from the European banking system. This process could lead easy to a sovereign debt crisis in the eurozone.

An excerpt of this article was featured on Bitcoin Magazine, and there is another post, here on SN, for that excerpt:

The Bank Of Japan Blinks And Markets Tremble #110816 https://bitcoinmagazine.com/markets/bank-of-japan-raises-cap-on-yield-curve-control