This week's market focus is on the US November CPI, the Bank of Japan's interest rate decision, and the final value of Michigan inflation expectations, all of which will directly impact the US dollar, Japanese yen, US Treasury yields, and risk assets.

1. US November CPI (Thursday 21:30)

Expected year-on-year 3.0%, month-on-month 0.3%. I believe there is a high probability that the data will be close to expectations, or slightly lower, which will help stabilize the momentum of falling inflation and allow the Federal Reserve to continue to lower interest rates steadily. If it slightly exceeds expectations, it will only cause short-term disturbances and will not change the overall situation. Overall, the impact of this CPI is relatively neutral.

2. Bank of Japan interest rate decision (Friday morning)

An increase of 25 basis points to 0.75% is almost certain. This step has been largely priced in by the market, and the key will be how the post-meeting statement is conveyed. Japan's complete farewell to negative interest rates will provide solid support for the yen, and yen carry trades will gradually converge, putting pressure on high-risk assets, but not too aggressively.

3. Final value of Michigan inflation expectations (Friday 23:00)

Expected to drop to 4.1% for the one-year period. If it comes down, it will add some points to US Treasuries and growth stocks.

Overall, the tone this week is relatively mild, with Japan's interest rate hike being the most stable, which will push the yen up and slightly tighten global liquidity. Risk asset volatility will be larger, but there are no systemic issues.