The Bank of Japan is expected to raise its policy rate to 1.25% from 1% at its two-day meeting ending Friday, while the Federal Reserve is widely expected to increase rates by 0.25% on the 16th. Markets assign better than 90% odds to both moves, with CME FedWatch placing the probability of a Federal Reserve increase at 92.3%. With the immediate decisions largely reflected in market pricing, investors are focused on the pace of further BOJ tightening and Federal Reserve guidance on additional increases. Rising crude oil and gasoline prices helped push the U.S. Consumer Price Index up 3.4% year over year in August, reinforcing inflation concerns. Persistent doubts over whether both central banks have responded quickly enough to inflation have kept real interest rates low and limited demand for both the yen and the dollar.