The BOJ is expected to hold rates this week but keep a hawkish tone. A hold without dovish language keeps yen carry and JGB yields under pressure, with $USDJPY the first read for risk.

What happened: A CNBC survey found all respondents expect the Bank of Japan to hold rates this week while setting the stage for a hike in December or January. Why it matters: Respondents expect the BOJ to stay hawkish as inflation and wages continue to rise, with the next move framed around December or January.

A CNBC survey found all respondents expect the Bank of Japan to hold rates this week while setting the stage for a hike in December or January.

Respondents expect the BOJ to stay hawkish as inflation and wages continue to rise, with the next move framed around December or January.