Morgan Stanley Fixed-BoJ Watch July MPM Preview Left to Gov. Uedas Decision-109354047

MIdeaBoJWatch|JapanJulyMPMPreview:LefttoGov.Ueda'sDecisionWethinktheeconomiccaseforaJulyratehikeiscompelling,asmoredatapointtoariseintheunderlyinginflationtrend.Wediscusspotentialimplicationsonrates,FX,andequitymarkets.MorganStanleyMUFGSecuritiesCo.,Ltd.+TakeshiYamaguchiChiefJapanEconomistTakeshi.Yamaguchi@morganstanleymufg.com+8136836-5404MasayukiInuiEconomistMasayuki.Inui@morganstanleymufg.com+8136836-5407KoichiSugisakiStrategistKoichi.Sugisaki@morganstanleymufg.com+8136836-8428HiromuUezatoResearchAssociateHiromu.Uezato@morganstanleymufg.com+8136836-8431HirokiYagiResearchAssociateHiroki.Yagi1@morganstanleymufg.com+8136836-5412ShoNakazawaEquityStrategistSho.Nakazawa@morganstanleymufg.com+8136836-8926AyakoTanakaEquityStrategistAyako.Tanaka@morganstanleymufg.com+8136836-8419InstitutionalInvestorGlobalFixedIncomePollisnowopen.Wehopeyouhaveenjoyedourresearchoverthepastyearandappreciateyoursupport.Requestyourballot.MorganStanleydoesandseekstodobusinesswithcompaniescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanleyResearch.InvestorsshouldconsiderMorganStanleyResearchasonlyasinglefactorinmakingtheirinvestmentdecision.Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport...