On the macro side, several major events are lining up just as markets remain stuck in a risk-off phase. At the center of the discussion is the upcoming Bank of Japan (BOJ) meeting, which has once again sparked concerns about a potential market-wide correction. As the chart below shows, USD/JPY has climbed back toward the 160 level after posting four straight weeks of gains. In simple terms, the U.S. dollar continues to strengthen against the yen, increasing pressure on Japan’s financial system and reviving fears of stress in global liquidity conditions.