Both the FOMC and the BoJ will be meeting next week, and the markets will be watching what they say and do with keen interest.
As you may recall, the Bank of Japan is now overtly monetizing the debt of Japan, having bought something like 90 percent of their bonds. What makes it monetization rather than money printing is the fact that the bonds are at least passing through a semblance of a public market on their way from the Treasury to the Central Bank. What makes it monetization is the size of the purchases and the non-market rates paid by the Bank.
In this sense, in addition to the BoJ, the Fed is also monetizing debt, as well as the ECB. They have been emboldened in that so far this has not produced any seriously disruptive consequences, although consequences there most certainly are.