Bank of Japan Governor Ueda comments crossing again: • Negative rate and bother tools under BOJ's massive stimulus had boosted demand by pushing down real interest rates, but had side-effects too such as on JGB market function. • Preliminary wage negotiation outcome tends to be revised down but even so, we thought final outcome would be fairly strong number. • Consumption was showing some weakness but we were able to confirm strength in capex, when asked why boj decided to end negative rates in March not April. • We know some small firms might struggle to hike wages, but overall, small, midsized firms' profits are ... (full story)