MMarch11,202411:29AMGMTMorganStanleyMUFGSecuritiesCo.,Ltd.+IdeaBoJWatchJapanTakeshiYamaguchi+8136836-5404+8136836-5407MarchMPMPreview:Farewell,ChiefJapanEconomist+8136836-8428NIRPandYCCTakeshi.Yamaguchi@morganstanleymufg.com+8136836-8926+8136836-8923WeexpecttheBoJtoabolishNIRPandYCCattheMarchMPM,MasayukiInuiasitwilllikelyjudgethatsustainableandstableachievementofthe2%pricestabilitytargetisfinallycominginsight.EconomistMasayuki.Inui@morganstanleymufg.comKeyTakeawaysKoichiSugisakiWemaintainourexistingbase-caseviewthattheBoJwillabolishNIRPandYCCattheMarchMPM(Mar18-19).StrategistThemediareportabouttheBoJannouncingthesizeofgrossJGBpurchasesatKoichi.Sugisaki@morganstanleymufg.comthecurrentpacesoundsreasonable.FromJPYratesperspective,theguidanceforfuturepolicytrajectoryandnewJGBShoNakazawapurchaseschedulewouldbekeytofocus.Undertheverygradualnormalization,weseethelimitedscopeforbothhigherEquityStrategistJGByieldandhigherJPYdrivenbyBoJpricing.Sho.Nakazawa@morganstanleymufg.comIfJPYswingislimited,equitymarketvolatilitywillbecurbed.IfexpectationsforBoJtighteningstay,relativeadvantageofvaluestockstocontinue.MakotoFurukawaQuantitativeStrategistMakoto.Furukawa@morganstanleymufg.comMorganStanleydoesandseekstodobusinesswithcompaniescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofin...
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