Bullish USD/JPY factors are emerging again argues UBS in a note to clients. Chief among these factors, according to UBS, are: 1- An improving risk environment generally as Ukraine risk subsides. 2- The UBS US Surprise Index suggests that expectations for US data have become more balanced. 3- UBS Asset Allocations team believes that Japanese equities will post the highest returns of any major asset class in March, thanks to positive earnings momentum, cheap valuation, higher risk appetite and long-term price momentum 4- This week the Japanese government panel on reforms proposed a wage-based return goal for the ... (full story)