Japanese to Hike Rates

Hmm, this is a very well watched meeting if you are investing in EWJ right now.

A decision is expected Friday, when the Bank of Japan's policy board members vote. Raising rates, from virtually zero percent, would be the clearest sign yet that the world's second-biggest economy has emerged from a decade of doldrums. But it also raises concerns that higher borrowing costs might undercut the country's tenuous economic comeback.

Analysts and investors generally expect the BOJ to raise a benchmark rate to a scant 0.25 percent. The overnight discount rate now stands at 0.069 percent -- effectively zero.

Let's hope that it doesn't konk out the recovery we are seeing from the Japanese economy. If that happens it will whipsaw and slow down the Chinese economy as well. China is Japan's 2nd biggest trading partner and if Japan slows so will China.