The monetization of debt will reverse yen strength and release money to leave Japan, which has always been the big problem.

I think the markets expect just about any outcome, though I don't think an ECB or a Swedish rate hike would be seen as a surprise. However, a U.K. hike would be a surprise, given what sterling has done since the last rise.

All of this adds ammunition to the argument that the ECB will tighten (monetary policy).