The BoJ is scheduled to release an interest rate decision tomorrow. With rates at an already low level, even for Japan, we have to wonder what direction the BoJ will take. The BoJ is not known for being the most proactive central bank out there but even they can't ignore the past few months of dismal data across the board - aggregate demand, capital spending, exports, unemployment data, purchasing expectations and even housing are all painting a dismal picture.
It is interesting to speculate what they will do. The range of options span from the typical "head in the sand" do nothing approach to an aggressive FOMC-style QE announcement. Given the other market dynamics (what's going on with USD, the current equity rally, mixed Euro numbers [poor East vs. relatively strong Scandinavia], yield hunters coming back), the yen seems poised for a huge drop in the face of a 6-month low.
Disclosure: Long AUD/JPY