eFXdata reports that Bank of America discusses its expectations for this week's BoJ policy meeting.

"The BoJ is expected to keep all key policy targets unchanged. The policy board will likely extend the deadline for its COVID-19 corporate funding support program by 6 months, to Sep 2021," BofA notes. 

"Likely absence of major actions by the BoJ in the near future justifies the lack of market interest in its policy. The BoJ's loose monetary policy stance maintains JPY's funding currency status. Since the COVID-19 outbreak, USD has also traded as a funding currency with the Fed focusing on supporting the economy and generating inflation. Further crowding of positioning in risk assets could pose downside risk to cross-yen (but not USD/JPY)," BofA adds.