John Hardy, head of FX strategy at Saxo Bank, looks at the week ahead in forex with a spotlight on the dollar.

Although the S&P 500 continues to trade at high levels and the Federal Open Market Committee minutes due on Wednesday are important, Hardy says his focus this week is on Japan, which is also hosting the G7 summit on May 26-27.

The market is wondering, says Hardy, if and when the Japanese government will get its hands dirty as part of the Bank of Japan’s efforts to stimulate the economy.