Japan's monetary watchdog keeps its powder dry, maintaining rates at 0.25% - the highest since '08. Governor Ueda's taking a wait-and-see approach amid global uncertainties and domestic challenges. Construction's down 21%, manufacturing's struggling (-2.8% YoY), but retail's showing a pulse (+0.5%). The real kicker? Japan's massive debt load means big rate hikes are off the table, potentially spelling trouble for the yen.

Core inflation projections: 2.5% (FY24), 1.9% (FY25/26). Markets watching closely as Japan navigates these choppy waters.