'Very optimistic' on the outlook for Japan, Fiera Capital Asia says

We remain very constructive on what's going on in Japan. We think the capital reform story, improvement of shareholder returns is absolutely crucial to continue to drive improving Roes. We think the economy is nicely balanced with nominal GDP growth 2 1/2 to 3%. We see wages rising, we see prices rising and we remain very constructive on the outlook. The market has been strong, been extremely strong year to date. It's been strong the previous six months. So expect some form of consolidation. But we remain very optimistic on the outlook in Japan. I want to come in with the BOJ, of course, what we got on Friday, Now that the markets have had a chance to digest this, as it's been described as a sort of vaguely dovish, they have a plan to have a plan and that they're kicking the can down the road, is all of this signalling sort of helpful for the markets to chew on? So look, I think we are going to see a rate hike at the end of July. I think it's going to be small. I think it's going to be an incremental move to .25. I think the market's aware of this and I think away the sand is trying to get that balance between I'm tightening because inflation is, is is benign rather than the currency is weak. So look they'll be they'll be movement ahead of that, but that's what we're expecting is a slow incremental. Increase in rates in Japan to something around .25%. Can I just come in here? This time around they disappointed the markets by not giving specifics on the bond trimming program. Do you think that they would come in with two decisions in the July meeting, one of rate hikes, even if its a small token rate hike and specifying the bond purchase program, the reduction in the bond purchase program, that will be too much for the market to handle and too much actually too much to expect from the BOJ to deliver. So he alluded to that in his comments. If you read the transcripts, I think we will get a small reduction, but we're talking about 6 trillion going down to 5 trillion. I don't expect anything more than that and I'm not expecting that until August. So we've got lots of data out over the next month. I think he's going to watch that carefully. I expect a small rate hike as I mentioned, and then a bond reduction program, but a small one.