The Bank of Japan’s new antideflation policy made waves throughout the global financial system on Monday, driving down the yen and lifting share prices in Tokyo, but economists said the effect had yet to be fully felt overseas.

The most visible sign of the move by the bank, which is the country’s central bank, was the sharp decline of the yen and a 2.8 percent rise in the benchmark Nikkei 225-stock average. The dollar settled at 99.32 yen on Monday in New York, a four-year high. The euro traded at 129 yen, its highest level in more than three years.

“They’re taking a page out of the quantitative easing playbook, multiplied two and a half times what the Fed is doing,” said Michael H. Strauss, chief investment strategist at Commonfund in Wilton, Conn.

That, he said, created a situation where institutions and individuals both faced pressure to buy stocks, at home and overseas.