Bank of America Global Research previews the October BoJ meeting on Friday.

"We expect the BoJ Policy Board to keep the policy rate unchanged at 1.25% at the 29-30 October Monetary Policy Meeting (MPM). The most likely vote is 8-1, with board member Takata casting the lone dissent in favor of a hike. In the Outlook Report, we expect the board to judge, for the first time, that "underlying inflation" has reached the 2% target," BofA notes.

"But the BoJ has already shifted to a policy stance that assumes underlying inflation is near 2% and places greater weight on preventing an overshoot. Rather than signaling a further acceleration in hikes, the Outlook Report and Governor Ueda's press conference should reinforce expectations for continued quarterly hikes, with the next move likely in December," BofA adds.