Salient to Investors:

Adam Posen said given the jump in Japanese stocks and slide in the yen in anticipation of greater stimulus, any failure to move in April risks disappointing investors.

Masaaki Kanno at JPMorgan Chase said the party has just started, and predicts the BOJ’s open-ended bond purchases will be brought forward to May or June.

Hideo Kumano at Dai-Ichi Life Research Institute sees a high chance of further monetary easing on April 3-4. Tomo Kinoshita at Nomura sees a $108 billion increase in the BOJ’s asset purchase program – even if the BOJ takes no action, Kuroda will signal more easing at the next meeting on April 26.

Yasunari Ueno at Mizuho Securities said Kuroda and Iwata want to show that a tremendous change is happening, so sooner or later, a restructuring of the asset purchase program and the BOJ’s monthly bond-buying operations will be on the agenda.

Nobuyasu Atago at the Japan Center for Economic Research said Kuroda will have to maintain the balance between a new level of easing and the risk of being seen as financing government spending.

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