The week will include central-bank meetings and earnings updates from Amazon and Apple.
Investors are still pondering the implications of Friday's shock decision by theAnalysts at BofA estimate the BOJ's bond buying added $1.3 trillion to global liquidity in the past 18 months and provided a low floor for global rates, so any sustained rise in Japanese government bond yields could ripple though other bond markets.
Japanese 10-year yields climbed further to 0.6% on Monday, still short of the new cap of 1.0% and limiting the boost to the yen. While the yen initially rallied on the BOJ move, it soon reversed course, and the dollar climbed from 138.05 yen to as high as 141.18 late on Friday. On Monday, the dollar was off slightly at 140.78 yen , with investors still seeming happy to run carry trades, or yen-funded positions in higher-yielding currencies.
"Friday's action might best be viewed as an attempt to head off a fresh wave of yen-weakening carry trade activity, by at least ceasing to resist pressure for 10-year yields to rise above 0.5%," said Ray Attrill, head of FX strategy at National Australia Bank.The euro had also recovered from its initial pullback to stand at 155.17 yen , while steadying at $1.1026 after some wild swings last week.
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