The Bank of Japan raised rates for the first time in 17 years. While this was well telegraphed by the central bank itself and by the market, expectation wise, while there was little market reaction, this is just the beginning. The foreign exchange market is going to face much more volatility. Rates markets globally should take heed. And the rally in the Nikkei is going to be under scrutiny, as the Bank of Japan itself will be surprised by how much more it has to do in order to contain inflation towards its 2% target over the next five years.