Updated

Market commentators are warning U.S. equity investors to watch the Bank of Japan rather than the Federal Reserve for the next major market shock, ahead of the BOJ's upcoming policy decision. The warning reflects concern that a shift in Japanese monetary policy could ripple through global rates and currency markets. Analysts note that with the Fed's path largely priced in following recent U.S. inflation data, unexpected BOJ action could catch investors off guard, particularly given Japan's role in global carry trades and bond markets.