Do nothing, raise the ceiling, or scrap the yield curve control policy entirely? Traders have been front-running further changes to BoJ monetary policy since the bank raised the ceiling on its target for the 10yr government bond yield to 0.5%. The Bank of Japan convenes overnight and into Wednesday morning and we await any signals of further tweaks to monetary policy that may be viewed as a precursor to actual tightening. Meanwhile 1-day implied volatility in JPY has roofed ahead of the meeting