Morgan Stanley Research previews this week's BoJ and RBA June policy meetings.

"We expect a rate hike to 1.0% at June MPM (June15-16). We also expect the BoJ to maintain JGB purchase amounts from April 2027," MS notes.

"We expect the RBA Board will leave the cash rate on hold at 4.35% at its 16 June meeting, following three consecutive hikes. The statement is still likely to lean hawkish as inflation pressures are broadening and the Board will remain alert to de-anchoring risk," MS adds.