A look at the day ahead in European and global markets from

Kevin Buckland

A gradual tick lower in currency markets would not normally

ruffle many feathers, but the yen's tentative foray to the cusp

of 152 per dollar for the first time since 1990 was enough to

draw immediate warnings from Japan's finance minister of

"decisive steps" to tame "disorderly" moves.

The last time he used those words was before the central

bank intervened in late 2022 to prop up the yen.

The trigger for the yen's slight depreciation was likely

comments from Bank of Japan board member Naoki Tamura, who

advocated moving "slowly but steadily toward policy

normalisation" - emphasis on the slowly - following the central

bank's first rate hike since 2007 made last week.

Several other central bankers take to the podium during the

day, and Sweden's Riksbank announces a policy decision, meaning

more market-jarring commentary from policymakers can't be ruled

out.

The Riksbank is widely expected to hold rates steady at this

meeting, but traders will be hoping for hints on whether a cut

is coming in June, or even earlier.

Federal Reserve Board Governor Christopher Waller speaks on

the economic outlook at an Economic Club of New York reception.

European Central Bank board member Piero Cipollone gives a

speech on monetary policy followed by Q&A at the House of the

Euro in Brussels.

And Swiss National Bank Vice Chairman Martin Schlegel speaks

on where next for policy, after the monetary authority surprised

with a rate cut last week.

Meanwhile, stock markets continued to display the choppy,

directionless trade that the end of a quarter tends to bring -

particularly when it finishes with a key U.S. inflation reading

and a speech from the Fed chief on Good Friday, when most

markets are closed for holidays.

A tick up in U.S. stock futures may be the most accurate

indicator for European equity direction, with Asian markets

polarized by a rising Nikkei and falling Chinese indexes.

Key developments that could influence markets on Wednesday:

-Riksbank policy decision

-France consumer confidence (March), unemployment (Feb)

-Spain CPI (March), retail sales (Feb)