Bank of America Global Research previews next week's BoJ April policy meeting.

"At next week's 27-28 April Monetary Policy Meeting (MPM), we expect the Bank of Japan (BoJ) to keep the policy rate unchanged at 0.75%.

We had previously expected the BoJ to raise the policy rate to 1.0%. But in light of recent developments, including heightened uncertainty surrounding the Middle East, we now expect a hold in April and tentatively push back our forecast for the next hike to June," BofA notes.

"However, should disruptions related to the Middle East become protracted, or should fiscal-policy debates lead to renewed instability in rates markets, that would raise the risk of a further delay to the July meeting," BofA adds.