The two-day meeting of the Bank of Japan’s Policy Board which concludes next Thursday (4th April) will be the first under Haruhiko Kuroda’s leadership. Unfortunately, the markets’ expectations of the new Governor are so high that they will be almost impossible to meet, let alone beat. Indeed, the slide in the yen already appears to have levelled out and foreign investors were net sellers of Japanese equities in the latest weekly data. We suspect that enthusiasm will continue to wane.
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