Former Bank of Japan Governor Kuroda starts with the Nikkei average rising by 89 yen, gives a lecture in NY where the current depreciation of the yen “has gone too far”　

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Former Bank of Japan Governor Kuroda speaks in NY about the current depreciation of the yen “going too far”
Former Bank of Japan Governor Kuroda Higashihiko gave a lecture at Columbia University on the 1st. The cancellation of the negative interest rate policy decided by the Bank of Japan at the March monetary policy meeting was evaluated as a first step towards normalization. He also pointed out that the current depreciation of the yen has gone too far.

Is the target a yen boost of about 5 yen, or the yen buying intervention effect as strategists read
When the Japanese currency authorities implement a yen buying intervention, strategists predict that they will aim to boost the yen by about 5 yen like in 2022. As the depreciation of the yen progresses, government officials are intensifying their fight against speculative movements. The yen is already below the level in 2022, when the authorities intervened to buy yen for the first time in about 24 years against the dollar, and reached a low for the first time in about 34 years last week.

Fujitsu and Suzuki... 60% increase in stock splits to underpin Japanese stock appreciation
Stock splits of listed companies underpin stock appreciation. The number of companies announcing stock splits in fiscal 2023 was 191, a 60% increase from the previous fiscal year, and stock trading became active after the split. By lowering the amount of money required for investment, personal money from young people etc. is flowing in through the new small investment tax exemption system (NISA).

Domestic loan interest rates rise for the first time in 15 years due to the reaction of zero zero loans
With the cancellation of negative interest rates by the Bank of Japan, upward pressure on interest rates is likely to intensify due to corporate financing. The average loan interest rate for companies in fiscal 2022 rose to 0.98% compared to the previous fiscal year for the first time in 15 years. Full-scale repayment of virtually interest-free and unsecured loans (zero-zero loans), which have depressed loan interest rates, is in the background.

Minister of Economy, Trade and Industry Saito supports next-generation semiconductor LAPIDAS up to 590 billion yen - cumulative total of 1 trillion yen
Minister of Economy, Trade and Industry Saito Ken revealed a policy of additional support of up to 590 billion yen for Lapidas, which aims for mass production of next-generation semiconductors, at the post-cabinet conference on the 2nd. If this support is established, the cumulative total for the company will rise to close to 1 trillion yen.

Nippon Steel - it is conveyed in writing to the labor union to acquire US Steel without backlash layoffs
$Nippon Steel(5401.JP)$There was a backlash. Bloomberg reported on the 2nd that the company, which is planning to acquire US Steel, has submitted formal commitments related to expenditure and employment to the American Steel Workers Union (USW).

Rakuten Group - Dollar denominated high-yield corporate bonds are reported to be worth 1.25 billion dollars again
$Rakuten Group(4755.JP)$has declined. Bloomberg News Agency reported on the 2nd that the company will move again to issue high-yield corporate bonds denominated in dollars and issue 5-year bonds worth 1.25 billion dollars (about 189.5 billion yen).

Mitsubishi UFJ - Rebound New Mid-Term Plan Formulation Aims for 27.3 Term ROE of about 9%
$Mitsubishi UFJ Financial Group(8306.JP)$There was a backlash. The company announced on the 1st that it has formulated a medium-term management plan for 3 years from the 25.3 period to the 27.3 period. As a financial target for the final year, we aim for ROE (return on equity) of around 9%.

MOL links bonuses to ROE at 10% to exceed 5 million yen per year
$Mitsui O.S.K. Lines(9104.JP)$will introduce a system to link employee bonuses (lump-sum payments) to return on equity (ROE). We will switch from labor-management negotiations based on ordinary income up until now to ROE linkage, and give employees a shareholder perspective and make it easier to understand.