The Journal ups the ante, saying the anticipated emergency BOJ meeting may take places as early as tomorrow.

Some of the policy steps the BOJ could take would be to increase the amount of funds the BOJ makes available to the banks at a fixed 0.1% for three months. (The market expects at least a move to allot an additional JPY 10 trln to that facility…) or they could lengthen the term of that facility to six months…stay tuned.

With the UK closed for a bank holiday on Monday, liquidity could be particularly thin, making very very choppy trading.

If the BOJ “only” raises its three month allotment to JPY 30 trln from the present 20 trln, look for any USD rally to be very short-lived. They need to surprise the market with something more aggressive to have a dramatic impact.