As always, there is no set scheduled time for the BOJ release. Expect it somewhere in the 0230 to 0330 GMT time window.

Earlier previews are here:

Snippets of previews via ING:

• Like in recent instances, we expect the meeting to be a non-event for JPY: the BoJ should unsurprisingly revise its growth forecasts lower, and its inflation forecasts higher, while signalling no changes in the policy mix.

and via Société Générale, also looking for no change to the Bank’s main planks of poilicy:

• We are looking for an increase in the core CPI (CPI excluding fresh food) forecast for FY22 from +0.9% in October to +1.1% due to the rise in crude oil prices and the depreciation in the yen. We also expect the BoJ to change its assessment that ‘the downside risk is greater’, reflecting the change currently underway in corporate pricing behaviour and inflation expectations against a backdrop of soaring raw materials prices.
• However, we believe price outlooks are highly unlikely to reach the 2% target during the forecast period to FY23. Furthermore, even if price risk assessments do not change, this does not necessarily mean there would be a change in the policy of continuing monetary easing.
• On the other hand, we do expect the growth outlook to be lowered from 3.4% in October to 2.8% in FY21, reflecting the effects of behavioural and supply restrictions due to the spread of the Delta variant over the summer, and the growth outlook for FY22 to be raised from 2.9% to 3.5%, boosted by the government’s economic measures.

USD/JPY has dropped away a little in past minutes:

The 5 year has hit a 2 year high also

The 2 year is above 1% for the first time since February of 2020.

Rising US yields were a supportive factor for the USD from mid-2021 or so – it levelled off in December as yields rose elsewhere though.

Reuters chart of DXY: