The BoJ bought somewhere in the region of around $40 billion USD/JPY yesterday, driving USD/JPY 250 pips higher. In 2004 they bought a total of $400 billion during their action phase. These USD are not recycled back into other currencies but are generally used to buy Treasuries. Based on what happened yesterday, if the BoJ maintain their action then USD/JPY will be at 100 before Christmas.
What we will now witness in Asia is other regional central banks trying the same tactic. They don’t have the firepower of the BoJ but they will try to tag along, buying USD/Asia whilst the BoJ is active. The other difference here is that these USD will immediately be recycled back into EUR, GBP, AUD etc.
Ergo, the JPY crosses are set to move markedly higher over the next few months.