HSBC discusses its expectations for this week's BoJ policy meeting.

"It seems unlikely that we will see any drama from the upcoming BoJ meeting (28 April). So far, Governor Ueda has not signalled any appetite for a radically different approach to policy," HSBC notes. 

"One can never rule out a surprise move, but the reduced requirement for aggressive bond buying by the BoJ (and the associated market distortions) suggests the pressure for an immediate change is low. However, there is an asymmetry. Inaction is unlikely to see the JPY weaken. Any policy change could see the JPY strengthen materially," HSBC adds.