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Power Play: What to expect from the Bank of Japan

A man walks past an electronic board showing the stock market indices of various countries outside a brokerage in Tokyo, Japan, October 23, 2015.
Toru Hanai | Reuters
A man walks past an electronic board showing the stock market indices of various countries outside a brokerage in Tokyo, Japan, October 23, 2015.

The Fed is not the only central bank that should be on your radar this week.

Steven Wieting, Global Chief Investment Strategist at Citi Private Bank, tells CNBC's "Power Lunch" on Monday he is watching the Bank of Japan, which is holding a policy meeting this Friday.

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"The outlook for the Bank of Japan's month-end decision is unclear, though the actions of other central banks should make it easier to act sooner rather than later," Wieting said.

He believes the undershoot of inflation in Japan will put pressure on the central bank to take action.

"We cannot be sure whether the Japanese central bank will chose words or deeds, but the actions of other central banks and any relative strengthening of the yen would tend to make action easier," Wieting said.

The Nikkei closed higher on Monday and is up more than six percent year-to-date.