Markets Are Going Nowhere After Ugly Day In Japan

It's going to be pretty quiet today market-wise, as the US has off for the MLK day holiday, and will be consumed with the inauguration.

In the meantime, European markets are basically flat. Nothing's going on there.

The big loser of the day was Japan, which fell 1.5%.

A headline early in the session about Chinese ships entering disputed waters caused the yen to spike, and the Nikkei to give up early gains

More importantly, a huge Bank of Japan meeting is coming up tonight, and its expected to announce new easing measures/targets. The entire world will be watching.