Nikkei erases gains and slips after BOJ's easing decision

TOKYO (Reuters) - Japan's Nikkei share average erased earlier gains and slipped on Friday after the Bank of Japan eased monetary policy but not to the degree that many in the market had expected.

The Nikkei fell 1.3 percent to 16,269.92 at one point after surging briefly to a high of 16,679.19 in a knee-jerk reaction to the central bank's easing decision.

The BOJ opted to increase the amount of exchange-traded funds (ETFs), but it held off from implementing more drastic measures like upping the amount of government bonds it buys and taking interest rates further into negative territory.

(Reporting by the Tokyo markets team; Editing by Sam Holmes)