Japan, the situation in Libya and other states in the Middle East, the NSW election and a moderate flow of economic data here, in the US and Europe will dominate this week.

Hopefully events this week will be better for Japan and global markets.

Friday night's intervention to boost the value of the yen by the Group of Seven major economies will help settle last week's volatility.

The situation in the Middle East also remains a concern.

The no fly zone and reports of more fighting around Benghazi will raise fears and oil prices, as will the missile attacks on Gadaffi government installations.

The NSW poll won't impact markets in Australia, instead there will probably be cheering from many