Japan Update

• BoJ Would Have ¥50 Trillion in Unrealized JGB Losses at 2% Yield
• Wage Negotiations: Megabanks Boost Base Pay
• Nikai to Lead Japan-China Friendship Parliamentarians’ Union

• February Corporate Service Prices Rise 1.8%
• Kishida Approval Rating Improves
• MoF Puts the Screws on BoJ

• Spring Wage Negotiations: 86% of Big Manufacturers Agree to Union Demands
• Spring Wage Negotiations: Kishida Calls for ¥1000/Hour Minimum Wage in 2023
• Spring Wage Negotiations: 60% of Small Companies Plan to Raise Wages
• Tourist Arrivals from Southeast Asia Up Sharply in February
• LDP Leaders Call on BoJ to Continue Easing
• Oops!: Toyota Motor (7203) Hydrogen Race Car Burns Ahead of Rally

• Is SVB Really Someone Else’s Problem?
• February Corporate Price Index Rises 8.2%
• Consumption Spending Falls 0.3% in January
• Manufacturing Profits Expected to Fall in FY 2023
• Kishida Calls for Smaller Companies to Raise Wages

• New BoJ Leadership to be Confirmed on Friday
• February Economy Watcher’s Index Improves
• Bankruptcies Rise for Eleven Consecutive Months
• January Current Account Deficit Hits Record
• Government Will Limit Wheat Price Increase to 5%
• Toyota Motor (7203) Backs Up Wage Hikes with Discounted Steel Pricing

• BoJ Can’t Get the Kink Out
• February Tokyo Core CPI Rises 3.3%
• January Unemployment Falls to 2.4%
• FSA Mulls New Takeover Rules
• Megabanks Would be Buyers of 10-Year JGBs at 1%
• Wage Hike Demands Top 4%, Highest in 25 Years