00:30 Australia CPI, q/q Quarter III +1.2% +0.5% +0.8%

00:30 Australia CPI, y/y Quarter III +2.2% +2.5% +2.7%

03:00 Japan BoJ Interest Rate Decision 0.10% 0.10% 0.10%

03:00 Japan Bank of Japan Monetary Base Target 270 270 270

03:00 Japan BoJ Monetary Policy Statement

04:30 Japan All Industry Activity Index, m/m November -0.2% +0.4% +0.3%

07:30 Japan BOJ Press Conference

The yen weakened versus most major peers, reversing earlier gains, as Japanese shares rose after the Bank of Japan stuck to a pledge to maintain record stimulus. Analysts have been cutting forecasts for additional easing by the BOJ as price gains accelerated more than halfway to its 2 percent goal. The percentage of respondents predicting an expansion of the central bank’s unprecedented stimulus between April and June fell to 33 percent from 37 percent one month ago, the Jan. 10-15 poll showed. Every economist surveyed by Bloomberg News predicted no change in policy today.

Australia’s dollar rallied from near a three-year low after a report showed consumer price gains beat economists’ estimate, tempering bets on further rate cuts. In Australia, the trimmed mean gauge of core consumer prices rose 0.9 percent from the previous quarter, the Bureau of Statistics said in Sydney today, compared with the median forecast of 23 economists for a 0.6 percent gain.

EUR / USD: during the Asian session, the pair rose to $ 1.3580

GBP / USD: during the Asian session, the pair traded in the range of $ 1.6470-90

USD / JPY: during the Asian session, the pair rose to Y104.50

There is another full calendar on Wednesday, although data and events are lighter in the US. There is also likely to be a quiet day ahead in Washington, with lawmakers and government officials likely to be snowed in again, keeping government offices closed. The European calendar gets underway at 0800GMT, when Spanish Prime Minister Mariano Rajoy addresses domestic lawmakers. At the same time, the 2014 World Economic Forum gets underway in Davos, Switzerland, which will lead to a slew of headlines from leading figures over coming days. Back on the Continent, at 1000GMT, Bundesbank Board member Joachim Nagel is scheduled to speak on "Financial and monetary challenges in 2014", in Leipzig, Germany. Also due at 1000GMT are the EMU nation third quarter government debt numbers. at 1500GMT, Portugal's Parliament is set to debate budget amendments.