Yen intervention may be complemented at some point this year by a surprise rate increase, says BNY Investments' Aninda Mitra. "I think the market is underpricing the odds of either a sooner hike than, say, at the December meeting, or more than one rate hike this year." Mitra finds it striking that several Bank of Japan officials have mentioned that underlying inflation could be on the verge of picking up again, seemingly signaling some wiggle room to respond a bit more forcefully on using inflation as a reason to speed up tightening. Mispricing that creates risk of a sudden, painful shift in dollar-yen dynamics. Ultimately, a policy move boils down to how BOJ weighs consequences for the equity market, household balance sheets, and so forth. For now, business sentiment and consumer confidence seem in pretty good shape. (fabiana.negrinochoa@wsj.com)