Bank of Japan's (BOJ) easing has been much criticized and called a failure as it failed to boost both Nikkei and Yen. Yen is now stronger than it was before Bank of Japan (BOJ) announced negative rates. Nikkei has reversed all of its post-BOJ gains and more.

We, however must note, both of these aren't policy target of Bank of Japan (BOJ) and more of side effects.

Real aim is to boost growth and inflation via availability of cheap money by boosting bank lending, so that the extra proceeds don't rot in bank. It is also aimed to reduce borrowing cost.

And in that parameter the actions can be called a success. Japanese government bonds are now negative up to 9 years and 10 years is just on the brink of falling to negative.

Japanese 10 year yield is now trading around 0.01% and since the BOJ actions Yield curve have flattened.

So, it would not be fair to call the action a total failure, instead lest blame it on China, oil for Nikkei and weak Dollar for Yen.

However, the final intention to boost lending would occur or not, remains a debate of other time, after we gather some evidence on that in future.