What to expect from US session 04.28.2016

U.S. stock index futures pointed to a sharply lower open on Thursday morning as traders reacted to the Bank of Japan's (BOJ) decision to keep monetary policy steady.

Dow futures briefly fell more than 150 points, while S&P 500 and Nasdaq futures fell 15 points and 6 points, respectively.

The U.S. dollar index was more than half a percent lower, with the euro near $1.135 and the yen at 108.15 yen against the greenback as of 8:09 a.m. ET. Treasury yields were lower.

In Asia, Japan's Nikkei closed down 3.61 percent after the central bank disappointed a section of the market betting on further stimulus. Following the BOJ's decision, and the yen's subsequent strength, major Japanese exporters saw their shares tumble.

Toyota closed down 3.27 percent, Nissan fell 4.31 percent and Honda was down 4.18 percent. A stronger yen is usually a negative for exporters as it reduces their overseas profits when converted into local currency.

"The Bank of Japan though was widely expected to act as Japan's economy has dipped back into deflation for the first time since 2013. In addition the country's stock market has also been struggling and the yen has been strong against a weakening dollar," Adrian Lowcock, head of investing at AXA Wealth, said in a note.

"The return of the deflation has led some to suggest that Abenomics is not working and even greater stimulus was required. As such the reaction to the lack of action has been negative, sending the stock market down and the currency up further," Lowcock added.

In Europe, the pan European Stoxx 600 Index was down by around 1.1 percent.

Back in the U.S., investors will continue to digest the Federal Reserve's decision to keep rates on hold. On Wednesday, the Fed stuck to its message that it would be slow to raise rates, so economic data will be keenly eyed to frame expectations of when it might raise them again.

On the data front, initial claims and first-quarter U.S. real GDP (gross domestic product) figures are scheduled for 8:30 a.m. ET.

On the earnings front, Amazon.com, Amgen, Baidu and LinkedIn are among companies due to report after the bell.

In oil markets, Brent crude traded at around $47.11 a barrel, up 0.15 percent, while U.S. crude was at around $45.22, up 0.24 percent.