kazuo: that is the real matter abound. officials suffered when ueda recognized some side effects from the current monetary policy, but at the same time, officials stressed a number of times that they have to restore a good balance between the easy monetary policy and the economic monetary policy. that is exactly why ueda sticks to the current policy. in the near future, there is great opportunity that we will have a big change in the balance of that. manus: if i look at the movement in dollar-yen from 1.50 to 1.33, the trajectory of the currency has had moments of existential angst. how important is yen strength in the ueda regime at the bank of japan? kazuo: currency is always an important factor when it comes to monetary policy setting. it is special because at the start of last year, the yen was -- and at some point last year, it went up to 150. we had a 30% increase in a matter of months. that was too much, so that is exactly why the boj's monetary policy is more counteracting the anxiety and criticism from the boj las

we expect kazuo ueda to change everything. dani: they said they are doing a policy year and it will take 1-1.5 years but why that timeline if they are going to do it sooner? martin: that is a red herring. the review is what have we done in the last decade? japan has used all equipment and they are not scrapping them. we expect the peg would be change from zero to 1% and we expect the band to change to plus or -100. the new 10 year yield after july can flip between zero and two and that means a boj can actually control their balance sheet and control more of the money supply and these academic issues are what governor ueda will be considering. dani: they have a public debt load of 264% of the value of gdp. we have a government who is planning to spend more to encourage more kids. they are increasing spending on defense. can they handle higher yields? martin: they have no choice. the central banks job is the inflation target and the inflation dynamics in japan we cannot overemphasize enough. they have dramatically changed. one w

yvonne: speculators are getting ready to take on the boj yet again as new governor kazuo ueda gears upicy decision this week. we have the former boj chief economist speaking to bloomberg earlier and what he expects out of that meeting. >> i basically expect the boj will relax its yield curve control and scrap it sometime during this year. because after the financial turmoil in march, now it is more evident that the world economy will slow down significantly. so right now there is less pressure for interest rates to rise. this is a good chance for the boj to take the first step of its policy change. but i think the timing of the relaxation of the ycc, it could be this april or may term, but i think it is more likely the change will come in the june meeting or later. kathleen: it is interesting you have the door open to april. sankei news saying they are going to start talking about some kind of policy review. why would they start a policy review now? does that help open the door to may be getting rid of the ycc at the next meeting or talking about it today? >> new governor ueda on the p

earlier new bank of japan governor ueda kazuo said would continue easing. but the nikkei gained later in the week after u.s. consumer and producer price indices showed slowing inflation. now, let's have a look at what's happening in the week ahead. it's crunch time for the key figures from the world's three major economies. on tuesday we'll have china's january through march gdp. on wednesday the u.s. fed reports on the economy, and on friday we'll be getting japan's consumer price index. now tepid economic signals from china are heightening focus on the gdp numbers. we know china's economy slowed last year as the zero-covid policy crushed business economy. the economy then fell short of the annual growth target of about 5.5%. this year beijing has set a goal of around 5%. the government plans to stimulate domestic demand and raise fiscal spending. but one expert we spoke to expressed skepticism. economists said authorities will struggle to achieve their objective. >> translator: the chinese government spent huge sums on under its zero covid program. this h

the boj meeting was a first under new governor ueda kazuo.or this week's featured biz pick we take a look at expectations for his monetary policies. ueda has repeatedly said that the central bank's easing measures are needed until there is a sustainable 2% inflation as well as wage hikes. and keeping the monetary policy is exactly what he's done. the chief economist at -- research believes, however, that the bank of japan's inflation forecast is conspicuously low, which takes off some of the pressure to change policy. >> translator: the bank of japan seems to be remaining cautious and keeping its inflationary forecast low to show that it is not in a hurry to change its monetary policies. tokyo's consumer inflation for april was just announced. prices in general are rising including several service sectors. the bank of japan's forecast this time doesn't sit too well, and the inflation forecast on fiscal 2025, which was presented for the first time, doesn't reach the 2% target. so it is a message there is no need to ru to change the policy. >>

it will be closely watched as it's the first one chaired by governor ueda kazuo since he took the helmarlier this month. japan's new central bank chief this week gave the hint to his diet of his view on the exit strategy of the current monetary easing. he said it's appropriate to continue the policy with targets for short and long-term interest rates based on the state of the economy and prices. he also said the boj will move towards monitoring monetary policy once there's a trend in stable inflation. but he said it's too early to setout concrete ways for monetary easing. and forecast for fiscal 2025 on friday following the meeting. those predictions come after the consumer price index excluding fresh food rose 3% in fiscal 2022 from the previous year. it's the largest jump in more than four decades. investors are watching closely to see if the central bank will announce adjustments to its monetary policy under the new governor. >>> representatives of japan's dining industry have been pitching for business in hong kong. it's one of the biggest importers of japanese food. officials from

yvonne: we are live at the bank of japan headquarters ahead of kazuo ueda's first policy decision as governor. we have the nikkei report on what they could do when it comes to forward guidance on the policy rate for the markets that are tuning in this morning. elsewhere, solid tech earnings ahead of the data, showing the u.s. is stuck with high inflation and slowing growth. the unemployment -- byd profit surges 400% on the back of chinese ev sales. on the topics index, we have banks up on the news of what the nikkei had reported this morning, looking at this comprehensive review of the situation we have at the moment and how they give forward guidance as well. all of the topics coming up, not seeing yield curve control modification at this meeting, but could we see fireworks? david: it certainly triggered a whiplash. i just had to look at the two year yield intraday and that spiked 30 minutes back when the news hit, so it is a reminder that anything the boj does, if it does anything, and it looks like they might compared to about an hour back, we will have broader implications beyond

. ♪ dani: the new bank of japan governor, kazuo ueda, is expected to avoid making a big splash at histing in charge. the boj is forecast to keep rates and asset purchase settings unchanged on friday. let's get to paul jackson in tokyo. kuroda has been speaking the past two days in front of parliament in japan. he can't speak like powell, because of the nature of ycc, he has to communicate differently. what sense are we getting from ueda of what we might here on friday from him? >> it is going to be a big contrast in styles between ueda and kuroda. kuroda was a man of action from day one. ueda will be more a man of caution to start off with. if you listen to comments he has been making since he took the helm, it is all sounding very cautious. just today he was in parliament saying easing is appropriate now. and it should incurred -- include yield curve control. he said if the boj tighten policy now, it could have serious consequences for the economy. this does not sound like a man who was about to unleash fireworks on friday at his first meeting. dani: having serious consequences does

new boj governor kazuo ueda keep stimulus in place while calling for a long-term review of policy. yen is the currency to watch, down more than 1%, we get the details. this is bloomberg. ♪ francine: welcome back to the open. 30 minutes into the trading day and here are your top stories. the yen extends the glands -- extends declines after the new boj governor says he will not as a tate for after monetary review. amazon says its cloud revenue business is slowing. plus, natwest flight on net interest income and an upgrade to its guidance. we will hear exclusively from their chief executive officer. tom: let's check on the markets with the earnings warning from amazon around its cloud services business. until working through some of the inventories and pointing to a stronger second half. the benchmark currently flat after a solid session on wall street. the s&p getting to the highest levels since the first week of the year. the ftse 100 off down 0.2%. natwest will be a drag there. french gdp came stronger than expected, pushing back against the narrative the euro zone will be crumblin

shery: still ahead, why japan's kazuo ueda is looking to avoid fireworks at his first policy meetings boj governor. but first, working out the fed's next move as inflation remains sticky, when bernie ark capital management joins us to talk strategy, next. this is bloomberg. ♪ did you know you can get someone to shop for you? stitch fix really gets me and what i need. even better? they save me a trip to the mall. it's easy: i share my style, size and budget. and they do the shopping for me. stitch fix sends me things that fit and make me feel like a more stylish version of myself. i keep what works, and send back the rest. no subscription required. no commitment. just my style. stitch fix. when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh shery: u.s. futures occurred early in the session after trading sideways throughout the new york session. of course we are digesting data and not to mention what the fed might do going forward. one thing we are watching is the launch of the chicago board options e

shery: and we are live at the bank of japan headquarters in tokyo ahead of kazuo ueda's first policyecision as governor. take a look at how u.s. futures are trading, this, after we saw the s&p 500 seeing its best gains since january, a jump of 2% in the s&p 500, though we are seeing russia on nasdaq 100 futures. strong tech earnings from the likes of meta, gain of 10%. it offset some negative data that we saw, something that people called the worst of both worlds, breakdown and inflation up, core pce and expectations that the fed may hike rates in may. we saw treasury yields rising. the 2-year yield above 4%. 10-year yield at 3.52. we didn't see much in terms of crude prices, they are holding at around $75 a barrel. a neutered session. traders are on standby with mixed economic signals. but in after-hours trading, it is about amazon. helps one of the reasons we are seeing downside pressure. we saw the quarterly report, profit topped estimates. cost cuts. cloud computing doing much better than expected, and of course, this is at a time when amazon is implementing the largest layoff in

the bank of japan will deliver the first rate decision under the governor kazuo ueda. >> china has approveder plants in the first three months of this year than in all of 2021. according to research by greenpeace, provincial governments gave the green light to more than 20 gigawatts of new coal capacity in the first quarter. that's as beijing continues to ratchet up expansion of fossil fuel generation in an effort to guarantee reliable electricity supplies. nbc universal ceo jeff shell is leaving his role after admitting to an “inappropriate relationship” with an employee. comcast said it mutually agreed with shell that he will depart with immediate effect. shell, who is married, has served as ceo of nbc universal since january of 2020 and worked at its parent company comcast for almost two decades. the firm has not yet named an immediate successor. u.s. retailer bed, bath, & beyond will close all of its stores and liquidate inventory over the next two months after its turnaround failed. it filed for chapter 11 bankruptcy over the weekend, but says it's also searching for a buyer for all or

it has been a lot of expectation of the big move under kazuo ueda .what we have seen from his comments after he took the helm as he is trying to temper expectations. he has been playing a cautious line in the latest bloomberg survey showed 87% of economists expect no change next week at the meeting. but what is continuing to feel expectation is also this idea that if you want to jettison this complicated yield curve -- control framework for this part of the boj stimulus you kind of have to do it by surprise. i think that's always going to keep some people in the market betting on change. rishaad: at 25 basis points we saw in december really, really roiled the markets. paul, it's also the first time he is going to his first meeting here. the thing is, as we had that story yesterday suggesting they are very wary of doing anything right now as well. paul: yeah, i think they are wary. i think those jitters that we saw in the financial sector from the broader failure of silicon valley bank and credit squeeze, the jitters, the ruffles from that, it's too so

yvonne: let's look ahead to the less -- two this week because because what wait up -- kazuo ueda willhis first boj meeting. kathleen hays has the latest on his life. >> he was born in a small town west of tokyo, the capital city where his family eventually moved. his uncle says he often came back to visit, riding the train all by himself at the age of 10. >> he was a very independent kid. he would listen to english broadcasts on a portable radio. we did not understand what he was listening to. his smartness stood out in the family. kathleen: eda's career as a lifelong academic and a central bank governor got off to an auspicious start as he earned his phd in economics at m.i.t. a former colleague says he will use his skill at communicating complicated aspects of unconventional monetary policy clearly to investors in a way that will maintain market stability. >> using a framework of economics would be his tools to commit the communication to the market participants, both domestic and global. kathleen: former fed vice chair ellen blinder was a former academic became a top policymaker. h

i don't know if an english teacher i was well kazuo ishiguro , alan bennett and mark ishiguro, alan bennettselected reading list really because ishiguro never let me go of the most anarchistic novels you could introduce teenagers about existential questions about life. but no, it's been replaced by an author , a female author of by an author, a female author of colour . it by an author, a female author of colour. it may be a good book, but not what the aqr is saying. they do. they're quite open. they're doing it to take the diversity boxes . so you've got diversity boxes. so you've got the exam boards, you've got the professional associations, you've got local council you've got the local council schools. and internally schools. and then internally within schools, your schools are creating roles for equity diversity and inclusion positions or committees . and positions or committees. and they in places they are kind of like , you know, really ruling like, you know, really ruling the roost within school. other staff, you know, they're the kind of morality police within the school. so it's de

i don't know if an english teacher i was well kazuo ishiguro , alan bennett and mark ishiguro, alan bennett selected reading list really because ishiguro never let me go of the most anarchistic novels you could introduce teenagers about existential questions about life. but no, it's been replaced by an author , a female author of by an author, a female author of colour . it by an author, a female author of colour. it may be a good book, but not what the aqr is saying. they do. they're quite open. they're doing it to take the diversity boxes . so you've got diversity boxes. so you've got the exam boards, you've got the professional associations, you've got local council you've got the local council schools. and internally schools. and then internally within schools, your schools are creating roles for equity diversity and inclusion positions or committees . and positions or committees. and they in places they are kind of like , you know, really ruling like, you know, really ruling the roost within school. other staff, you know, they're the kind of morality police within the school. so it's d