BOJ inclined to stay put, but may debate action post - Fed

With rates virtually at zero, central bankers also want to save ammunition in case Europe's crisis flares up again, spilling over to global credit and financial markets.

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But the BOJ will keep its finger on the trigger, ready to react to a market shock -- such as a collapse of a Greek debt restructuring deal or the yen's new surge to record highs.

Growing political pressure also means that even if the BOJ holds off on easing next week, it may loosen policy in March to support the fragile economic recovery.

Here are possible outcomes from its February 13-14 meeting:

POLICY ON HOLD POSSIBILITY: HIGHLY LIKELY

Less than three weeks since the previous meeting, the BOJ sees no major change to the economic outlook and risks, counting on fiscal spending on reconstruction from last year's earthquake to sustain moderate recovery later this year.

In addition, the yen is off its recent peaks near record highs and Tokyo stocks are holding up, which many central bankers feel buys them time to assess the potential impact on Japan of Europe's debt crisis and the yen's persistent strength.

MARKET IMPACT: No big moves in bond yields or the yen.

STRENGTHEN COMMITMENT ON DEFLATION POSSIBILITY: LIKELY

The central bank may decide to be more explicit about its goals following criticism from lawmakers that the BOJ is too vague in its commitment to end deflation and after the Federal Reserve last month started to publish a specific inflation target.