ACM - In Japan the BoJ held rates at 0.50% as was universally expected. Inflation fears have increased in Japan so it will be interesting to hear if Shirakawa will shift its focus from sagging economic outlook to inflation (however CPI slowed to 0.9% but is expect to accelerate to 1.4% in May). Industrial production for April y/y tick up softly to 1.9% vs. 1.8% exp (but still a sign of a weak economy), while consumer confidence fell to 34.1 vs. 35.0 exp. - Lowest level since December 2001.