Goldman Sachs preview the incoming speech by BoJ Ueda.

"Big focus on Ueda's speech tomorrow likely the last communication before the June MPM. Market is pricing in roughly a 76% probability of a BOJ rate hike in June with trading desks thinking looks too skewed towards June vs. July with current information set. In USDJPY, market only has 10bps of spot jump max for the event, but this is somewhat reflective of dealers continually deriving longer gamma due to the current barrier concentration through 160," GS notes. 

"Market expects a hawkish tone with potential hints toward June action. Given elevated expectations, any lack of signal will be read as dovish. This puts Ueda in a difficult position though, our read is he will want to avoid signalling June hike, but will need to stay balanced to prevent sharp USDJPY moves or further JGB volatility following today's rally.

So we think he will sound hawkish while not indicating June hike. With that, while we see June as a live meeting, we still think the pricing looks too skewed towards June (78%) vs. July with current information set. If no clear signal, would expect June to reprice close to 70% chance of hike," GS adds.