The Bank of Japan's Inflation Trend

High expectations that something would happen with yield curve control and also with the normalization of monetary policy. When that didn't materialize at his last meeting in March, a lot of money came out of the banking sector very quickly. Valuations are still pretty low. The banks are about 0.6 times PBR, which fits in that TSE thematic quite nicely. They have dividend yields of between 4% or 5%, which is quite high by Japanese standards. And they are improving their R.O.E. So there's a lot going for the banks, even if you don't focus on what's happening with the B.O.J. Governor.