This Will Limit USD/JPY Downside Risk In The New Fiscal Year - Nomura

The latest opinion poll conducted by Nikkei showed that 55% of respondents judge it necessary for the government to have a new fiscal package (the poll was conducted from 25 to 27 March).

In February, 47% replied that the fiscal package is necessary and thus, support for fiscal expansion among voters is gradually rising. 

...We expect Japanese fiscal and monetary policy to be more accommodative in Q2, which will likely have a positive impact on risk sentiment among Japanese investors.

Improving risk sentiment will encourage Japanese investors to shift their portfolios into foreign assets, limiting the downside risk of USD/JPY in the new fiscal year.

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