SEB Research previews the July BoJ decision.

"Bank of Japan (BOJ) will likely keep policy rate steady at 1.00% on 31st July. Governor Ueda’s press conference will be closely watched if he will follow through on the statements made BOJ officials which hinted at a willingness to tighten at faster pace," SEB notes.

"Other than a clear guidance to tighten in August or in September, market will back to run with the carry trade that will bring the yen on the backfoot again," SEB adds.