All eyes on the inflation numbers for Japan thursday night in the USA. Our year over year inflation reported at 3.8% in April.. Japans last YOY inflation report was 1.5% in March (artificially supressed).
If Japan prints a 3.0% inflation or higher, there is a high likelihood of an emergency meeting, or they will come out and say their next hike will be 50bps or more (25bps priced in already). Japan imports their energy, so they are hit hard by that. This could be something huge late this week. Shockwaves will blow through markets.