The Bank of Japan meeting will be the standout event in Asia today. As Sean Callow, currency strategist at Wetpac, notes: "We are expecting the BoJ to hold steady today after the rare back to back easings."

Mr. Callow adds: "The setup seems ideal for a classic "wait and see" meeting after the previous flurry of activity plus some signs of better JP data. Shirakawa's early resignation date also suggests he has just about had enough of the political pressure to produce bold new steps so we may not see much more from him before handing over the reins."

"Moreover, the eve of the G20 meeting doesn't seem the ideal timing for another round of easing. The announcement should come on the early side of the wide time window, any time after about 1:30pm Syd/10:30am Sing/HK. All 10 analysts in a Dow Jones poll predicted no change, which should help limit USD/JPY downside risks" Sean concludes.