is kuroda just taking longer to get to that view? cates is, but let's not forget that the boj -- maybe he is, but let's not forget that the boj has a longer history of this. in aggregate terms, it does not look so good. when you're trying to stimulate inflation by giving more money to an aging population that does not want to spend, it does not seem to work. llar yen isll again io trading 1.05 now. >> we might hear something from the different press conference, but frankly, i doubt it. guy: when you get to that level, you get a kind of instant reaction. you get the boj saying, we have to control this? >> i would have thought so. if you want to stimulate yen would a waker yeaker the way to do this. if we get to 1.05 and have to do something, you would see that what happened overnight was a mistake. guy: what is more stimulus look like? >> i think, from an aggregate point of view, they need more fiscal stimulus. we need to think about actually using public works policies to give the economy a lift. something which depend tried 20 years

governor kuroda was speaking in new york. what else did he have to say?talking up central-bank policies, and this comes as one abe's advisers is calling for support. he doesn't see a technical limit for now. he underlines that the central bank want hesitate to add stimulus as necessary. quantity, quality, and interest rates. some japan watchers see the boj as running out of ways, but governor kuroda says there are many ways for further actions. inflation is not a choice between monetary policy or growth strategy, both are necessary. in this context, the government initiative to enhance japan's is of vitalwth importance. addressnor kuroda also negative interest rates and the impact on banks. cutaid negative rates don't profitsofits -- bank excessively. he says it is not aimed at the currency markets and is not the cause of the yen's gains. thanks indeed for that. we will have a detailed look at that story later in the program. tweet us your thoughts at @rishaadtv, include #trendingbusiness. the u.s. banks earning season, let's have a look at that, as well

the response kuroda didn't want.same response in january when he did indicate those measures. he can't win. that's the bank of japan. the dollar-yen over the last year. francine: i wanted to show you something that is quite zeitgeist-y. this is the s&p. we see the biggest rally in 12 years before any kind of index. actually, what is it spurred by? federal reserve total assets? you see the purple line. or is it earnings-per-share? if you are bear, you're right. if you are bowl, you are right -- if you are a bull. vonnie: it is the longest bull run, the second-longest ever in the longest since the dot com bubble. joining us this julian emanuel, a u.s. equity strategist and sebastian galy. thank you so much for joining us. is you surprise the yen strengthening after the bank of japan did nothing? >> we expected the boj to stay on hold. the fact that the yen strength and so much on so little shows there is a degree of instability in the markets. it tells us the market is completely driven from central banks, and pay very

kuroda to go over in was 95.13, yen dollar yen has depreciated.110.ow come back no problem for the japanese economy. 80, thenoward 90 or some problem would be created. allow 100, no problem. francine: the market is expecting the boj to expand its stimulus program at the end of the month. d think they will do it? -- do you think they will do it? eisuke: i think so. to what extent? they will probably take the position of aggressively easing the monetary policy. very possible. francine: what is aggressive? further negative rates? was that a mistake? eisuke: i don't think negative rates was a mistake. mr. kuroda is quite straightforward. ofmight increase the label further level.to confident. francine: he is confident. the markets are not confident. are the markets misunderstanding why governor kuroda went to negative rates? eisuke: it will probably take change thet of market perception. right now, because of the yen, theon of the nikkei dow has been declining. it can -- it continues to decline so that perception of , it is note economy good at this mo

. >> be more jealous if the panel had draghi, kuroda, carney, and yellen. that would be epic. we'll organize that one. >> this is "worldwide exchange." we'll go global. fareed, you've got nothing on us. >> once we've organized that. right. our top story this morning, jpmorgan releasing ceo jamie dimon's annual letter to shareholders last night. among the highlights, dimon says he's not worried about negative interest rates in the u.s. that's because the chief executive notes housing is in short supply. car sells are at record levels. consumers are spending what he calls the gas dividend. dimon is more concerned about rates rising faster than people expect, which is odd for aening baaing ceo to outline that rue. the banking ceo also warns high

you hear from governor kuroda.e tells you very clearly the marketswould've left much worse had he not gone into negative territory. lord king: service bond it and no to spohn economic growth. if you're in disequilibrium, monetary policy cannot be the answer. it can only by time. is if you allow yourself to be painted into the corner then you let other people off the hook of doing the measures they need to. francine: we will talk about the productivity puzzle. lord mervyn king, former governor of the bank of england. he stays with us. stocks.lls off it down the most in two months. we hear from the boe governor, mark carney. he says brexit would be the beginning of the end. more cause for concern. we speak to the spanish ceo and less than an hour. in the last five minutes we got breaking news from mitsubishi. they are doing a news conference the- admitting manipulating fuel economy test data. we will have plenty more on the car a emissions scandal. -- karim emissions scandal. scandal.issions ♪ francine: mitsubishi fe

kuroda is talking this morning about how legal hurdles.ng applied, unless stopped in japan or in europe. it would very much depend on how you define it. christian: i think ultimately what helicopter about is that the central bank effectively deciding fiscal stimulus. which the governments could do themselves, they could just democratically decide to do fiscal stimulus. if weope for instance, get a new recession crisis, government's consent to spend more, borrow more. he would get the helicopter money. that's theocratic problem with helicopter money is that the central bank does it, there is no democratic way to do it. unclear ifit is very the ecb could do it. what we have seen over the past there is a loto, of possibility in the european treaty. if they really need it, they really want to, they will probably find a way to do it. is iftely, what matters there is another crisis, we may see that the financial study was has run its course. if they do not do it from the central bank may have to do it. anna: amazing how a crisis can galvanize th

that back to you. >> yeah, kuroda expectations are high.e'll see if he can deliver. >>> in other news, the imf says it supports the banks in some. the organization argues a move to negative rates would help deliver extra monetary stimulus and ease lending conditions. >>> blackrock ceo larry fink warns negative interest rates could hit consumer spending and undermine economic growth. in his annual letter fink says not enough attention has been given to negative rates on saving habits. the largest says the central bank actions are severely pushing investors into less liquid asset classes and increased levels of the ring. >> it could easily electrify the debate. continuing to suggest that it continues to be squeezed by the negative rates. perhaps central banks will rethink whether this monetary experiment is actually working. >> actually, commentary that we may get from the banks this week on interest rates although last week, jamie dimon said he wasn't that concerned about it in his own annual shareholder letter. but the interest rate aspect

a sign of relief for governor kuroda. let's get straight to the bloomberg first word news with nejra cehic. nejra: thanks, francine. goldman sachs is said to be advancing on its biggest cost-cutting pushing years. according to people with knowledge of the effort, ceo lloyd blankfein is calling for the push which includes firings and curbs on travel and entertainment expenses. bonds are inyield the midst of their worst two-month selloff since 2014. investors say they have yet to fully price in the risk of default. speaking in washington, the governor of immediacy set of corporate debt burden is heavy, is not veryrage high. federal reserve bank of atlanta president dennis lockhart said he will no longer push for a rate increase this month. speaking to bloomberg's kathleen hays, the fed official said there are still opportunities and ray to make a move. you look at the calendar, there are enough meetings remaining this year that if the data were to suggest it is the appropriate policy to have three moves, to moves, three mov

kuroda was giving a lecture at columbia university in new york. >> we would not hesitate to further ease our monetary conditions utilizing three options individually or collectively, meaning quantity, quality and negative interest rate. >> kuroda described the boj's efforts to end inflation as the most powerful by any central bank in history. >>> economists at the international monetary fund say ththe bank ofof japan's negative-interest-rate is crucial. but it has the potential to destabilize the financial system. the imf report warns negative interest rates could reduce profits of regional bankser and credit unions. the director of the imf s ske with nhk. >> i think that negative rates are a net positive for the economy because they have to relax further monetary and financial conditions, and that's something that should support demand and inflation. >> the imf report also touches on japan's plan to raise its consumumption tax from 8% to 10 next april. imf officials support the hike as well as short-term measures to deal with the impact. >>> checking the markets the rally in tokyo share

corro kuroda said the central bank was not targeting the exchange rate. but continuing to monitor the movements. it's become a nearly nightly activity for the comments. is it japanese yen is stronger for the year but overnight a little weaker. >> i think it shows change of tact. kuroda used to love and surprise the market and maybe it's a desperation to where he's having to come in and make so many comments to try to control it. >> good point. >> south carolina central bank keeping interest rates unchanged. also we saw the australian central bank not change rates and that saw the aussie dollar rally as well. and apart from the yen, as the day of u.s. dollar weakness again. >> you are also seeing rally in mining stocks and underlying commodities. silver at something like a four month high. oil is rallying again. boston fed president roczsengre said the u.s. economy is outperforming. he says in part because of the aggressive fed accommodation following the crisis. so just adding to some recent fed voices backing up the progress. >> counterargument came from

whether euro is a grants the kuroda -- is against the kuroda.e the perfect story that you would hope germany would deliver. you've got massively stimulative -- stimulant monetary story. >> what is happening in the nordic region is fantastic case study for other central banks. what are the unintended consequences that go we are seeing with that is. housing getting very hot indeed. hans: richard, i'm going to go to you with fx questions. we see more quantitative easing than expected from the swedish central banks, then we see the krone strengthening. .elp me reconcile that risk oh i think everybody is having a hard time reconciling that. -- richard: i think everybody is having a hard time reconciling that. it is about global growth. what is interesting yesterday is the german economy ministry says keeping growth for 2016 at 1.7% but seeing it drop to 1.5% next year. global economic growth to remain hesitant this year. i think that is the overhang for every single decision made by central bankers. they are concerned about the growth, perhaps taking

francine: was a mistake -- was it a mistake for kuroda to go into negative rates?- five days after that he goes negative. scott: and mistake is hard to pass judgment. it is a new frontier for central bankers. francine: it has not worked. the psyche in the market makes it more difficult for him. mentallye harder it is , that is the situation they find themselves in. i find it hard to explain to anybody why you would have a negative interest rate to begin with. i understand the need for it is very short-term. his hands are getting tied. that is the flattening of the yen yield curve we are seeing. we have some volatility that is happening with the yen. francine: their thinking of going negative for loans. -- they are thinking of going for -- going negative for loans. is this experimental policy that could backfire? or is this a way of protecting the banks in this type of environment? lending standards have eased as the ecb has moved into negative rates and moved into a qe program. i understand the rationale. it gets that the outskirts of effective monetary policy. wha

kuroda has once again shocked america. so, maybe he is pulled off one surprise to many because some of the patience in the economist is beginning to wear a little t hin. mohamed el-erian suggesting this is very much about turning the pressure on abe. this is a message for abe? economists are saying that today that perhaps he is handing off to baton to the government and putting the onus back on abe to do more on the spending front. perhaps ahead of the g-7. they have so much more to do on the structural side. let's remember, kuroda said today that they could cut further if they need to. the bank of japan is still in the game. carol: proving that central bankers can surprise occasionally. enda curran joining us from hong kong. inaction from had the fed. a lot of people thought the bank of japan would act. and the fed wouldn't. doher case, they did not much. now we have morgan stanley's fixed income portfolio manager. my question is, are both those central banks putting her pencils on the desk and saying we have done what we

kuroda is defending negative rates, others talking about the issues with them.ingapore dollar goes, genetic impacta in terms of those regional currencies. . that uis where the real -- move inat's of has singapore, let's that the first word news. shery: nestle reported first caught a beat analysts estimates. of espressond coffee, sales rose 3.9%. analysts had expected a 3.6% rise. the first quarter growth rate is the slowest since 2009. nestle is struggling to get consumers interested in frozen pizza and convenience meals. new zealand's a central bank has -- anjournalist investigation found that a news how the media sent information about the cut from a media lockout on march the 10th before the official release time. they said there is no evidence of any impact on the financial markets. it was discontinued. the chief investment officer at goldman sachs's asset management says he expects a wild ride in the world stockmarket and not much to show for it. who oversees about $15 billion of volatility will continue as nervous investors dumped shares at the slightest h

you look at the actions of the boj versus the ecb, is it draghi versus kuroda guy: -- kuroda?n a major factor in the declining dr. -- declining dollar. it is been a commendation of that's aeing risk-off combination of markets being risk-off. -- a combination of markets being risk off. the central bank policy outside of the u.s. has played a miner roland that. some -- forward you get if risk appetite stabilizes, dollar yen can build up more momentum. it needs those conditions to be met. probably the most important factor will be the ecb. guy: your since would be more broader than that, risk on, risk off is the defining factor. data continue to see week like we did out of japan, the market resisting the feds -- talking to us about to rate hikes being appropriate. gives the extent of where this move can take us. adam: if we get down to 105 quickly, then you would see a real step up and the rhetoric. -- in the rhetoric. a material threat of physical intervention. -- threat of physical intervention. if we carry on falling at this kind of pace, i think 105 would be a step up an inte

governor kuroda's pointing to we do not know. that is the chart.onfidence inout negative rates as a tool to delay growth inflation has been pretty low. we know its effectiveness is untested. the side effects are pretty evident. the impact on bank probability and how that can be counterproductive and willingness to lend. as i just said, negative interest rates are currents -- are currency policy. we have decided within the channel is not working. francine: we start with the swedish swiss -- swedish central bank and coronas going up. no one is accepting that appreciation you are giving them. is everyone -- it is a race to the bottom. they have stopped working effectively. find anver going to agreement between everyone, including china? karen: this is where there were suggestions, and informal accord had been reached at the lefty 20. a slightly weaker -- at the g-20. a slightly weaker dollar not to push down on their currencies would help the economy. it comes back to what we just said about central banks are not trying to deliver, what else can they

governor kuroda in the press conference underscored the fact that there is more that can be done, andwill do more as needed, including with negative rates. but they just took back in january, and he wants to give more time to have an impact in the economy. clearly a wait and see three he did not prepare the the markets on this when he took action this negative action in january. francine: they don't want to be dictated to. >> it certainly looks like that. he does not mind surprising the markets. he chooses as a weapon or other things discussions, in the background which we don't know, we simply can't say which way or the other. he does not seem to be gearing very much about preparing markets, preparing the public. he is not using one or the two of central banks. >> oil huge story, oil hitting the highest since the timber, exxon mobil with quarterly profits the lowest it has down 3%.cents 1999, it still ahead of analyst estimates because it cut capex by 33%. cuts in theeen big first quarter. will be the legacy of these for the -- what will be the legacy of the company with the hiebert

coming up, kuroda's monetary program.s the end closes off, it looks like japan is looking for a celebration relating back to the euro story. we're going to turn the spotlight on stimulus in spring. stay for the emerging markets, goldman sachs says the agency has maybe picked out. -- has peaked out. saudi arabia is $100 billion flat. .- $100 billion plan that is what we are talking about surrounding saudi arabia. a lot of politics. we will talk about that. ftse 100 up. we will be back next. ♪ guy: 14 minutes past the hour. --temporary nationalization stress that he does not see nationalization as the answer and is competent that he can find a buyer for the business -- is confident that he can find a buyer for the business. >> i don't think nationalization is the solution. goodo think it would not to rule anything out. i do feel for lots of reasons after talking to many others involved that there will be enough time to find the one buyer working and be able to take it forward. guy: let's talk to a potential buyer for half o

kuroda, we are going to do something. everyone takes heart, the yen weakens.a complex fashion and the market -- they nap. which itself is absolutely astonishing. -10 basisgone from points rate cut, and one of the biggest q.e. programs ever and your currency strengthens. francine: given how markets reacted, do you, can you even defend? simon: one of the thing we started to get into is the policy. the g-20 meeting. you head overt criticism coming out from mark carney in the days before that meeting. you had a g-20 statement which was directly aimed at japan, as that became clear in the comments. monetaryjapan of using policy to mutilate its currency, pot callinglike the the kettle black. odare was pressure on mr. kur not to do anything. here we are in the situation whereby the pigeon is coming home to roost. a lot of metaphors going on here. but here is the key problem. he need to do something about the yen. he's got no support for doing anything more on monetary policy. francine: so, where do you see dollars-yen? can abe do something? that sales tax increase se

and governor kuroda saying he's not thinking about --. as he says more time was needed to monitor the impact of monetary policy and to see the effects of negative rates filtering through to the economy and prices. though you you would think they have had negative rates for some time now. >> this move in the yen is really crazy and worth dissecting a little bit. because yerlier in the year we saw strengthening. seems to strengthen regardless what the central bank is doing in terms of easing or not. and i think this question really comes down to what domestic investors are doing in risk off days. we've seen foreign investors pull money out and that's meant the nikkei has fallen. outweighing that is what's happening. quite a lot of leverage as well. we think retail investors. japanese investor do that as well. whenever there is risk off days where the yen goes up as opposed to any other direction. the nikkei chart down by 12%. but if we show the japanese mothers index. this is the small cap index called the mothers index because it is the mo

the overseeing consequences, who cares what kuroda wants. sorry, mr. kuroda.hey said it would be ineffective. that is what manus meant to say. dollar-yen bottom of your versus but dollar-yen the 10-year yield. i mean, this is a rather challenged market from a variety of levels. i was going to use another phrase there, but i will not, because i would get in trouble with it. selling,market, nobody contamination all the way around. this is policy running out of effectiveness or impact. 8th of april, more to come? chris: i think there has to be. as you were talking about earlier, the yen is back to where it was at beginning of october 14. they need it down to get growth. if you look at growth, it is softening at the margin. so they need the yen down. anna: is cheaper money the way to do that? we talked about the diminishing effects. they should is what do and what central banks will do. and there is sicis cyclicalness. many to somehow get it there. but you are right. more negative you go, the worse it is for bank profit ability. manus: if there is anything to walk

fromnor kuroda held off adding any stimulus. crude oil, 46 yesterday, touching 47.teresting because we had the consumer price following, and then banks with rbs posting a larger net loss than expected because of dividend payments to the government. let's get straight to the bloomberg first word news with nejra cehic. nejra: in north korea, a u.s. citizen has been sentenced to 10 years in prison on spying charges. the country's supreme court found him guilty after a brief trial. no other details were available. an american college student was sentenced to 15 years for so-called antigovernment activities. puerto rico may find itself in technical default unless the u.s. commonwealth can strike a million bondr $422 payment. a planned rescue plan likely will not be ready until congress returns from recess may tend. california, we are up for the -- we are actually a for the softball league draft. -- the football league draft. global news 24 hours a day, powered by 2400 journalists in more than 150 news bureaus i am nejraworld, cehic. francine? francine: talk about the nfl

we caught up with governor corona -- kuroda. territory --tive territory.en we had abenomics -- the markets believe they will, trump. they don't believe they will do more. will they actually intervene in the markets directly to support or weaken yen? david: in terms of intervention, but -- that puts the rather weak measure and will not do much for yen weakness. the only thing which can really and makee trend in yen it weaker again would be a new measure, a new unconventional measure. something the market is not expect. we move much closer to this helicopter money, this unconventional measure which really does direct government financing or something in that which is not experimented by now by the ecb, by the fed. the boj would need to, again, somebody prepared to go an extra mile. unfair question, but i'm going to ask it, anyway. is there an appropriate abenomics level for the yen? is there a level at 120 where we are happy, or 110? or is it 150? abenomics has been weakening yen. with that, the economy should have profited, companies should have profited. t

. >>> switching beers, the bank of jap's kuroda won't hesitate to take further steps.nd sri is in singapore. good to see you, sri, renewed young strength? >> yeah, that's right. it doesn't look disorderly, though. i think that's the saving grace for the ministry. we talk about this level of dollar yen, 105, that really brings that enter veengs smack down the strength that we've seen in the japanese yen. but i think it's really about the velocity of the decline in dollar/yen. conversely the velocity of ascent of the japanese currency if the dollar. that matters because right now we see low levels in volume difficult in dollar/yen, the decline in color/yen hasn't been disorderly. be that as it may, i think the really important story here is going to be what happens on april 28th. yes, mr. kuroda says they will not hesitate to introduce additional easing measures to bring about 2% inflation which has been proven very elusive. but let's not forget, bank of japan is running out of the road here. hsbc very interesting. the next step could be a very bold one. and that is coul

. >> ladies and gentlemen, hiroki kuroda for a hometown boy -- we are here for a hometown boy, brooklyn, new york. i one on hear it, bernie. >> bernie. >> bernie. >> this is a campaign that is on the move. this is a campaign that a year ago was considered a fringe secretary clinton, well they don't consider us fringe any more. reporter: political pundits give hillary clinton the lead, but the sanders supporters hope to prove them wrong tuesday, lisa evers, "fox 5 news." christina: on other side, tuesday's g.o.p. primary race appears to be a one-sided apear with donald trump ahead of ted cruz 54 to 21% among new york republican voters, john kasich third at 19%. antwan: and trump took his campaign to staten island, speaking at richmond county lincoln day brunch. he took shots at his competitors and told the crowd what he thinks tuesday during the new york primary. >> we'll have a big day new york, a guy like cruz you heard his statement on new york values, i can't imagine any new yorkers voting for cruz, and he can't beat hillary, i'm going beat hillary. >> trump headed to poughkeepsie, a

we had a great interview with governor kuroda back in davos.ays after that boom he surprises the markets with negative rates. the problem he has now is does he surprise on thursday when boj meets? i suspect he will look at what janet yellen says tomorrow. the policies given by central banks is that -- we certainly talk about divergence. anything the fed will do will impact the boj and governor kuroda. been talkinghave about is out of all the central seemsin the world it governor kuroda is probably the strongest at doing everything independently. the ecb has a lot of members it has to please. governor kuroda seems to want to try the limits of central bank monetary policy. jonathan: and he has done that. when it went to negative rates it was very slim margin. when they boosted stimulus in late 2014 it was the same. me about all of this is when politicians get that immensee saw japanese yen strength couple weeks back. today the prime minister's economic advisor is saying this week's meeting is the perfect time to do more because they can be preemp

kuroda suggesting he's ready to expand monetary policy further. he stressed it wasn't a fix-all solution. so they're saying they're ready to expand monetary policy. at the same time, looking at what central bankers are saying elsewhere, the chicago fed president, charles evans, repeated his dovish call for u.s. rates to follow a very shallow path this year. he's calling for just two rate hikes in 2016. then moving from the u.s. to australia, the central bank there keeping rates on hold for the tenth consecutive meeting. the rba citing continued economic growth prospects despite the rise seen in the currency. and in india, the central bank there having cut rates by 25 basis points to 6.5%. that's the lowest level since january of 2011. the rbi said monetary policy will remain, quote, accommodative, sending the rupee lower. so quite a bit of central bank activity. glancing at what the fx markets are doing at the moment, the euro-dollar sitting around 1.1360. a little bit of selling taking place in the euro. but let's not forget where it's come from.

we have been talking so much about the boj and governor kuroda's movement.s is what we pick for our morning must listen. talkis after all of the about what mr. kuroda has done. atwas defending his policy columbia business school last night. have a listen. >> japan's economy still has some way to go, until the price ability target of 2% is achieved. there's no doubt that there has been a clear change in the inflation trend under the banks 's qb. e. e. francine: he believes the markets would have been much worse if they had not gone to negative territory. >> i guess he's always right; it could have been much worse. i really wonder whether central banks know what they are doing with negative rates, because they're potentially negative consequences for the real economy that could negatively affect the banking system. a negativeso have effect on people's confidence. individuals are basically holding money, and they are seeing the central value destroy the value of the money. they're setting and negative rate. i think it generally undermines confidence in policy o

kuroda. anecdotally, he's having to go to the diet, the japanese parliament, on almost a daily basis to explain that policy. it's been very controversial. it's essentially a tax on savings. so that's the situation there. it's pretty much on ice right now. it begs the question, yes, there are additional easing measures, and the bank of japan is ready to undertake them in need be, but they're running out of road here. they've almost exhausted jgb purchases. the other factor is it's going to come down to equity purchases. right now they stand at around 3 trillion yen a year. are they going to be upsized in an effort to get to 2% inflation? in the here and now, japanese yen. that's been backing off for the past three days from 17-month highs. so good news for the japanese exporters. good news for the market as well. monster rally into the close on the nikkei, up by 530 points. in my mind, this is not looking sustainable when there are so many problems still. arguably, the wheels are coming off ab

governor haruhiko kuroda says the bank's monetary easing measures, coupled with the negative interest rate are already having an impact. >> translator: i will examine risks to economic activities and prices, and if i think it is necessary for achieving the inflation target, then i won't hesitate to take additional easing measures in terms of three dimensions, quantity, quality and interest rate. >> he said it's possible that improvements in japan are being overshadowed by uncertainties to emerging countries. he said the bank will press on with its measures until the effects are felt throughout the whole economy. >>> the u.s. commerce department says the country's economic growth slowed between january and march, compared to the previous quarter. the latest data shows the preliminary growth figure for the gross domestic product is 0.5%. but the market forecast was around 0.7%. it's lower than the 1.4% growth of the october to december period. by category, housing investment gained nearly 15%, but personal consumption which makes up about 70% of gdp, lost steam because of weaker auto sa

kuroda needs to sleep.leep, and then can do something academically like at columbia university. david: we are going to hear about it after first word news. the new york primary is less than a week away. hillary clinton and bernie sanders return to the debate stage tonight to face off. it is a crucial opportunity for both caps. sanders is to make up the race for delegates. the former secretary of state is ahead by 10 points. brett ministration has new regulation on offshore drilling. emergency equipment meant to limit environmental damage. people familiar with the matter this comes six years after the deepwater horizon blowout in the gulf of mexico. the golden state warriors begin the first team in lake history to win at seven straight games. the warriors eclipsed the 72 victory of the chicago bulls two decades ago. and turning back time against the utah jazz, bryant scored 60 points for the los angeles lakers. this was the finale of bryant's 20 year career. david: and now to pick up where you left off. tom:

we spoke to governor kuroda. then he went to negative rates. the 40 year is the white line.0 year is in blue. we had a record 0.4%. 30 and40 years are now matching. the boj meets later on for more on yen and negative rates t's get to jane foley. negative rates make banks record. says we cannot look at the counterfactual he believes he can further go to the negative. is he right? jane: what he might do to ease the pain on financial institution is to allow them to have negative rates in some of their loans. we will see, of course, tonight into our morning whether or not he pushes through and does that. of course, it has had a massive psychological impact on negative rate. the bank of japan, more so than -- even the ecb. we did see a lot of retail investors -- not beingsome models, able to get hold of -- [indiscernible] we did not see retail investors affected by the fx directly. they were concerned thata, they could see a ban of cash. if also, of course, negative interest rates impacted the balance sheets of banks, with that mean that they would get some sort of haircut? retai

kuroda faces.has been engaged in a price keeping operation for the japanese government bond market long before the announcement of want to date of easing. atcannot continue with qe the rate he has said he will because there is not enough left to buy. that underscores the challenge that japan faces in the economy. your chart demonstrates the current challenge of the banking system. that all underscores the probability that we will now get 10 years of no growth and no inflation out of japan. guy: what about the equity market in the 10 years? james: the financials look at well placed. the post office business is well-placed. thank you very much. james will stay with us. we are talking steel at the top of the program. and we will be talking with andrew kostin. ♪ guy: good morning. you are watching "on the move." i am guy johnson, alongside hans nichols. -what areever log we watching? hans: creditors resume talks while tensions tighten between the imf and the german government. are we heading for anothe

joe: i did have a long conversation with governor kuroda. extraordinary careful job of trying to make sure that it does not affect the balance sheet of banks. they have only had negative rates on excess reserves, excess deposits over a certain level. so they have actually been very worried about the balance sheet effect. theme, i thinkhe the net effect of these negative interest rates is at most very limited. and what has to be done is to get back to the main theme of what monetary policy used to be about, which was getting liquidity, getting money into the hands of businesses that will spend the money and that will stimulate the economy. stiglitz,ore with joe and coming up on bloomberg radio, we continue talking about inequality. somebody who knows some thing about that and is also writing about it. yanis varoufakis. ♪ francine: we are looking at currencies, commodities, and we are also looking at politics. mike, let's get straight to the bloomberg business flash with vonnie quinn. vonnie: to punt raise its earnings forecast -- dupont raise

kuroda in japan, come on, guys, we were going to do this as a three prong thing. infrastructure, monetary policy and fiscal policy and there ain't no fiscal policy anywhere. you see this happening. and the pressure is really being raised on these -- >> jim bullard went to tax reform. >> he talked about tax reform, education reform, immigration reform. these are all of the things that set the long-term growth of the economy. the fed -- the idea of the fed is they can use monetary policy to nudge growth back to the existing track that it is already on. but not create the existing track. and that's one of the criticisms that is out there of central bank and today, they have taken over the fiscal side of this and really the fiscal side, as you know in america, essentially -- >> they abdicated all over the world. europe abdicated on structural reforms, japan was supposed to allow more immigration to deal with their aging population, they don't do it, we don't deal with our key issues. >> i thought if i mentioned this, it would get you going about what is going on aroun

governor kuroda cannot do anything right at this point.n: that is what the market seems to think. at this stage, an official intervention to stop the yen from depreciating is fairly unlikely. japan will be hosting a g-7 meeting in may so that remains fairly unlikely in this environment to do anything else did the markets desk anything else. the marks may continue to speculate the further the japanese yen rallies, the boj will be monitoring very closely those developments, in particular -- highlighting from 2013 g-20 communicate where they were saying an official interaction with the market, the moves have become too volatile. ultimately, it is something the markets want to -- want. francine: what is to happen so that swiss yen does not get bought? valentin: it is a concern. it is becoming a testament to the market concern that central banks are out of options. there is not much they can do to support inflation. francine: they have only done so much. valentin: we do think the boj is not going to -- is not entirely out of options. they are o

angie: could we see a worse deal in japan had abenomics and kuroda not stepped in?s japan 100% to blame? >> no, it is not. there is no global growth. there is no global trade. .here is no global liquidity everybody is trying to steal growth from somebody else. china once a week dollar. eurozone wants a strong dollar. the u.s. does not want a strong dollar. it is a catch-22. they cannot be satisfied. all of those requirements cannot be satisfied. you cannot be simultaneously strong and weak. there is no growth, there is no trade. there is no recovery. if you had a different global outlook, japan could have looked differently. unfortunately, we are where we are. angie: we have to deal with the chips where they lay. what about interest rates? we heard from larry think. -- larry. >> russian roulette. you are loading the gun and hoping the bullet is not going to be in that particular chamber. negative interest rates are devastating. devastating for banks and insurance companies. angie: we are talking about an aging demographic, a timebomb in itself. >> not just in japan.

there is a lot of pressure on kuroda to do something, add stimulus. >> most are thinking this could bethe etf affront. of analysthe dozens we surveyed think they will be buying more etf's. say they of those could buy more bonds, and eight are expecting another negative rate cut, so the slim majority right now, but the bets are stacking up. feel like there is a fundamental healthiness to these companies. it is just boj money pouring in. >> that is what the critics are saying. kuroda has been defending the program, saying the size of the purchases relative to the larger japanese stock market is small, but the fact is that these purchases are not healthy. maybe for some investors that just want to see that share prices pop up, it is fantastic, but it could distort the sanity of the stock market. not to mention that the boj's purposes are by using these large cap etf's. it's positions are concentrated, so it has more impact on a few companies. for example, the boj owns more blue chips in japan than blackrock, the world's largest money manager. angie: let's see what happens on thursday. tha

was going to pull back its monthly base wage increase, and that is something obviously that primeor kuroda minister shinzo abe be have been pushing corporations to do, invest in the economy and and wage growth. that is just not happening. whenrns about what happens we see those gdp numbers for the first quarter when they come out later this month in april. the last quarter of 2015, a contraction, so another since prime minister of a came back to office. all eyes on the bank of japan when they meet later this month, the last weekend april -- week in april. they expect further easing given the concerning data, including the survey this morning. rishaad: thanks. i look at those weaker than anticipated numbers coming out of tokyo. right, we will have more on that. j.p. morgan having a look at what this data means a bit later as we start of a new fiscal year in japan. tweet us your thoughts @rishaadtv, include #trendingbusiness. here are some other stories we are watching today. battleticipant in this for starwood drops out. >> that's right. it looks like the door is wide open for marriott inte

kuroda has found himself the only one at back. abe increased the consumption tax.e like paul krugman paid him a visit and said don't do it. we will see what happens. the idea that the fiscal stream has to do something is a popular one at the moment. if you are a central bank, it's like, ok, we are still the only ones doing something. do we stand aside just because you are doing nothing? it.e have to act, so be i'm done. i'm not allowed to say anything else. betty: daniel moss. tune in to our special coverage "the fed decides" starting at what clock p.m. eastern time right here on bloomberg television. -- 1:00 p.m. eastern time. mark: matt miller faces off against carl riccadonna. stay tuned. ♪ betty: it is time now for the global battle of the charts when we take a look at the most telling charts of the day. we are mixing things up today. you can access these charts on the bloomberg. this is one of my favorite moments. carl riccadonna, i think he makes his debut today. carl, take it away. : what i'm showing you on the chart here is productivity versus labor cost. n

the circle in red is when governor kuroda decided to go into negative rates.e touched below 0.4% for the 30 and 40. this means the search for europe and the bond market is proving more than ever before. let's walk central-bank spear that's go to frankfurt where we are joined by bloomberg news's central-bank editor paul gordon p are two interesting things happening. we heard from the swedish central-bank. they put more qe. it is not having the red effect ont the governor wants currency. mario draghi is probably saying that qe is working. charts are very interesting. they portray but -- labor betray the they concerns of the euro area. the assets are rising, not so great if you are a saver or looking for returns, on your pension fund for example. or if you're planning for your retirement. that is causing anger in germany. there are plenty of people out of work, notably in spain, portugal, and greece. they would like to see more government measures coming through. what is a central banker to do? mario draghi is likely to point to the drop in the unemployment rate.

kuroda says they could go further, but psychologically the markets may take it the wrong way.ndhey can go a lot further just to be absolutely clear i am if youing i'm a fan -- were an exam, this would be a d+. francine: are the markets misunderstanding something? >> i think they are, and in the fullness of time, we will see what this is about. in the meantime, i think it is a much longer term, slow process. there is too much debt in the sovereign sector. how are you going to get it down? there are several choices and none of them are particularly attractive. this is the calm way of doing it. is a natural process in line with where inflation is. as market is now clearing -- long as ordinary people aren't too affected, it can go on. francine: switzerland will go further into negative territory. >> and don't forget that mr. draghi has said that there is a floor, and subsequently cut rates again. japan is clearly in the early stages. the dmb is saying unlimited -- and recent moves would suggest further action. it isn't over yet. francine: thank you so much. stephen major, hsbc. he

kuroda is doing the work but any further move towards negative rates might show this policy is not workingo abe sitting there. while tokyong burns? >> one of the things we have to watch closely is the degree of japanese investment outside of japan, and to what extent that speeds up or diversifies. in australia, we will see a number of acquisitions of austrian assets by japanese companies and greater trade alliances being built. that is positive for japan, because that gold in japan has to be invested someplace else besides bond rates that are negative. japan will have to cut rates. if it happens quickly, we will see a moderation. either way, the direction is slightly or greatly accommodative, one of the other -- or the other. rishaad: thank you there. joining us from sydney. >> the stories making headlines around the world. of personal data of millions voters in the philippines are still available after the hacking of the election commission. personal details have been displayed, allowing identity thieves to access passport information, fingerprints, and more. a person has been arrested, a

in fact, when the program was introduced a few years ago, corroded -- kuroda waited more than a yeare moving on rates again. this time we are just a few months into negative rates territory, so we probably need more time to assess the impact of negative rates and whether it will help the country to move -- boost growth and inflation higher. rishaad: could they do something else? could they come out of left field again? >> they could do something else. like i mentioned earlier, they could increase more purchases, but then there would be a problem whether they will corner the bonds market, and this also has its own repercussions, so they are really like i mentioned in a tough spot. probably the best thing for them outo actually is to wait the previous policy, give more time for them to start working through the economy. what did you make of the fed meeting taking place overnight? the fed officials are incrementally less dovish. they have removed concerns about the global development and global economies, especially further devaluation. while they are not preparing the markets for an in

today a little pressure is off but there are a lot of banker needs tovernor kuroda do something and thatt be direct intervention. will he succeed? that is the main question coming up next. ♪ show me movies with romance. show me more like this. show me "previously watched." what's recommended for me. x1 makes it easy to find what you love. call or go online and switch to x1. only with xfinity. "rancine: welcome to "the pulse live from london. i'm francine lacqua. let's get straight to the bloomberg first word news with you much a hitch. trillion a day foreign exchange market has had a rocky week. volatility has risen toward the highest since 2011 as the yen surged to a high versus the dollar before retreating. japan's currency has still climbed at least 2% against all its major peers since april 1 on it tumbling equity and commodity prices. that sparked a debate about how close local officials are to intervention. revealed thathas he did have a stake in an offshore fund set up by his late father until six years ago. it is the first time the british prime minister has answered the question

kuroda has got a tough job.e: coming up next, apple is lower in premarket trading as company seetech sales fall up for the first time in 13 years. we look at how apple can regain his crunch. ♪ apple's run of 50 one quarters of on interrupted sales growth has ended due to waning smart phone sales. 51 quartersun of of un interrupted sales growth has ended. caroline: if you look at the numbers, for the first time in have a quarterly drop in sales. they slumped 13%. sure, they're still pulling and $50 billion but less than expected profit. falling by 22%. the mainn culprit is the iphone sale lagging. falling 16%. and, the likes of taiwan china -- china other second-biggest market starting to see a significant slowdown. tim cook blames the strength of the dollar but how long are these forces going to be around? how long can they blame the economy or the dollar, or how long until they start to admit that perhaps their new products are not flying off the shelves? the new iphone is cheaper. is that stopping people from

japan, a select group of traders are expecting some sort of stimulus from governor kuroda on thursday is what we are seeing in the china open. hong kong seeing a little bit of a but coming through, about .4%. it is still retaining that wooden spoon as well as being the worst performing market. the yen starting to creep up with the nikkei down .4%. taiwan a little higher. a big week for central banks, a big week for earnings, and a big week for data as well. ory are waiting on one thing another and that is flowing into sentiment. check out the movement. we have a commodities rally that is moving along. it is up .3% but it is far from retracing the monster 9% on wednesday. two have of the big plunged almost 5% in the new rio session overnight with down by 2.2%. tescue is down by over 5%. this is what we see moving in the tokyo session. they have not pulled a profit in three years but we are seeing stock up 3%. japanese steelworks was up to close 12% earlier which would have been the biggest gains since 2013. -- theyeing weighed by are expecting a profit to that same amount. a little bit