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Jan 20 (Reuters) - U.S. President-elect Donald Trump's inauguration for a second term and the Bank of Japan's finely balanced interest rate decision will be the main events for markets this week, while the annual World Economic Forum in Davos should generate interesting headlines. The week begins with the U.S. Martin Luther King Jr holiday and Trump's inauguration speech on Monday. There is a light U.S. data schedule, starting with weekly jobless claims on Thursday, then flash S&P PMIs, existing home sales, and the final reading of the University of Michigan consumer sentiment and inflation expectations on Friday. The Federal Reserve enters the quiet period ahead of its Jan 28-29 rate meeting, but U.S. policy announcements from the new administration could easily cause major volatility. Q4 earnings reports will also be in focus. There are plenty of event risks in Japan, with core machinery orders, trade, then national CPI and flash manufacturing PMI on Friday, ahead of the BOJ decision, outlook report, and press conference. Most analysts are now looking for a 25-basis-point rate hike next week.

Euro zone finance ministers will meet early in the week and Europe's main data releases are flash January consumer confidence and PMIs, along with national PMIs and German ZEW economic sentiment. The Central Bank of Norway has a rate decision on Thursday.

The UK releases employment data on Tuesday, then industrial order expectations, and consumer confidence, followed by flash manufacturing and services PMIs on Friday. China's one-year and five-year loan prime rates are expected to be left unchanged on Monday following above-forecast Q4 and December data. There is no noteworthy data from Australia. New Zealand's Q4 inflation report on Wednesday will shape Reserve Bank of New Zealand policy expectations. The Bank of Canada releases its business outlook survey on Monday. December CPI on Tuesday will be closely watched after robust jobs data shrank rate cut bets and the BoC indicated last month that further cuts would be more gradual. PPI and retail sales are also due.

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<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ BOJ likely to raise rates The Fed at the presidential handoff

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Andrew Spencer and Krishna Kumar are Reuters market analysts. The views expressed are their own. Editing by Sonali Desai) ((andrew.m.spencer@thomsonreuters.com; krishna.k@thomsonreuters.com))