The yen tumbled against the dollar and euro Friday after the Bank of Japan announced a surprise negative interest rate policy, leading to forecasts that the greenback will hit 140 yen within two years.

The dollar surged to 120.85 yen right after the BoJ move, from 118.60 yen earlier in Tokyo and 118.82 yen in New York late Thursday.

The euro rose to 131.90 yen from 129.63 yen before the decision, and from 130.00 yen in New York. The euro fetched $1.0913 against $1.0941 in New York.

The yen had surged more than two percent against the dollar this year as the volatility that has shaken global markets sent investors running for the Japanese unit, which is considered a safe bet in times of turmoil and uncertainty.

After a two-day policy meeting the central bank said in a statement it would “pursue monetary easing by making full use of possible measures… combining quantity, quality, and interest rate”.

And in a stark acknowledgement of the huge job they have in ending a years-long fight to reinvigorate the economy, the bank also cut its inflation forecasts and pushed back the timeline for reaching a two percent target.

In the statement, the BoJ also said that while Japan’s economy has continued to recover moderately, “global financial markets have been volatile against the backdrop of the further decline in crude oil prices” and other uncertainties such as the Chinese economy.

“The decision… suggests that the yen will weaken further against the dollar in coming months,” Marcel Thieliant, senior Japan economist at Capital Economics, said in a note, adding that his firm saw the dollar rising to 130 yen by the end of 2016 and to 140 yen by the end of next year.

Traders are now awaiting BoJ Governor Haruhiko Kuroda’s press conference at 3:30 pm (0630 GMT), dealers said.