Bloomberg: Bloomberg Surveillance
5/3/2024 12:33pm
... it is a double-digit move across the curve, and hello, tokyo. in japan it is about 9:3 3 p.m. friday evening, and i can tell you the ministry of finance is happier with this one. ...
Bloomberg: Bloomberg Surveillance
5/3/2024 11:33am
... aside points out that it's a holiday in japan. it's a great time to intervene because it's a quiet time so you can have more bang for your buck. watch out for excitement in this phase. jonathan: a week of yen strength against the u.s. dollar. an hour from the u.s. jobs ...
Bloomberg: Bloomberg Surveillance
5/3/2024 10:39am
... driven were formed by aggregate demand stories and management stories. lisa: it is 7:38 p.m. in japan, a close watch on u.s. data over ...
Bloomberg: Bloomberg Surveillance
5/3/2024 10:32am
... percentage point move in the past three sessions. very difficult to keep up. i keep referring to the time in tokyo, 7:31 p.m. in japan. lisa: if we get some sort of disappointing jobs, are they going to smack down all the ...
Bloomberg: Bloomberg Surveillance
5/3/2024 10:10am
... jonathan: we will go to equities and then bonds and i will turn to foreign-exchange. it is 7:00 p.m. in tokyo. what are we looking from japan? the foreign-exchange? what a move in yen. ...
Bloomberg: Bloomberg Daybreak Europe
5/3/2024 5:32am
... let's look cross asset, not getting a print on treasuries, playing into japan with the yen a three week high. long gone are the days of 160. ...
Bloomberg: Bloomberg Daybreak Europe
5/3/2024 5:04am
... territory. looking to gain five tense of 1%. cross asset. japan is close. you did see a decent run down and yields. yields dropping around nine basis points across the 10 year yield yesterday. ...
Bloomberg: Bloomberg Daybreak Europe
5/3/2024 5:01am
... this is bloomberg daybreak: europe. these are the stories that set your agenda. a rally in hong kong tech stocks leads asian markets high with china and japan close. bond traders price of fed rate cut one month earlier in november ahead of today's key ...
Bloomberg: Bloomberg Markets Asia
5/3/2024 3:56am
... u.s. treasuries at the moment with japan closed. japan being closed, republic holiday, means yup, you guessed it, we are on possible intervention watch for big yen. that's where we will leave it ...
Bloomberg: Bloomberg Markets Asia
5/3/2024 3:22am
... the key is the durability of inflation in japan. i think it is turning out to be certainly more of a fact that a concern that the boj had in the past. i do think the boj stance should ...
Bloomberg: Bloomberg Markets Asia
5/3/2024 3:21am
... market when the global economy is slowing. paul: one thing that might support the yen would be the bank of japan lifting rates. i know you like the strong macro backdrop in japan. ...
Bloomberg: Bloomberg Markets Asia
5/3/2024 3:20am
... longer in the u.s. and slower normalization in case of bank of japan, keeping the real rates negative. paul: do you think a rapidly weakening yen poses risks to other asian currencies? neeraj: it, certainly to some extent, it does. it's obviously through multiple ...
Bloomberg: Bloomberg Markets Asia
5/3/2024 3:18am
... fixed income at blackrock, still with us. it is a public holiday in japan. history suggests that this is when the ministry of finance and bank of japan like to do their thing in terms of intervention. and we've got the u.s. jobs ...
Bloomberg: Bloomberg Markets Asia
5/3/2024 3:18am
... week. seems the ministry of finance and bank of japan did get a little bit of bang for their buck. we are still keeping an eye on that pair as we are in a long weekend in japan and we all know what that means. let's take a look at the yuan as well, the offshore yuan strengthening as well a little ...
Bloomberg: Bloomberg Daybreak Asia
5/3/2024 0:55am
... 153.10 amidst more evidence building we did see a second round of intervention this week by the bank of japan. that's right. something to be tracking very ...
Bloomberg: Bloomberg Daybreak Asia
5/3/2024 0:50am
... jurisdictions that have real growth. we are building in japan. and that will take a great deal of our cash over the next couple years but when we think about digital, we see that as -- we have a partnership with that mgm domestically but we invested time, energy and money and will ...
Bloomberg: Bloomberg Daybreak Asia
5/3/2024 0:48am
... potential losses. all blue made short bets early this year and was allegedly unable to sell -- to settle the trades. the size of the losses raises questions about risk management at two of japan's largest banks. ...
Bloomberg: Bloomberg Daybreak Asia
5/3/2024 0:31am
... government of japan probably intervened in markets on thursday for the second time this week. how helpful is the announcement when and if and how they did it and are be looking at triggers and the thresholds as helpful guidelines as to when they might ...
Bloomberg: Bloomberg Daybreak Asia
5/3/2024 0:06am
... and we are looking forward to seeing additional push on the corporate governance and restructuring and et cetera through the agm season. so we are ready to add on weakness in japan at the moment. ...
Bloomberg: Bloomberg Daybreak Asia
5/3/2024 0:06am
... we are in a period right now of full-year results, next year's guidance and heading into the ag m season. it has become a stock pickers market in japan. ...
Bloomberg: Bloomberg Daybreak Asia
5/3/2024 0:05am
... finally gave up on that. the market peaked two days later and now we are in this period where basically the bank of japan has very little control over where the yen will go given that the rate differential ...
Bloomberg: Bloomberg Daybreak Asia
5/3/2024 0:01am
... stance, impacting these concerns about supply and demand in the market, belle. annabelle: yes, and also we have at the start of trading for korea, as we come online this morning. japan is shut for the public holiday. we are posting gains at the open. ...
Bloomberg: Bloomberg Daybreak Australia
5/2/2024 11:59pm
... japan is closed for a public holiday today. south korea and australia coming online in a few minutes. . we will have more ahead. this is bloomberg. it's an amazing thing when you show generosity of spirit to someone. and you want people to be saved and to have a better life, then you don't stop. ...
Bloomberg: Bloomberg Daybreak Australia
5/2/2024 11:48pm
... was any mention of the major data center. it is an australian data centers -- it runs data centers in australia, singapore, hong kong and japan. macquarie bought a 40% stake in the company. it is now valued to closer to $8 ...
Bloomberg: Bloomberg Daybreak Australia
5/2/2024 11:45pm
... the latest on the corporate front. bloomberg has learned that nomura and mizuho financial group are facing more than $100 million of potential losses tied to the field stock trades by all blue capital. sources say all blue made a series of bad bets earlier this year and was allegedly unable to ...
Bloomberg: Bloomberg Daybreak Australia
5/2/2024 11:40pm
... that the bank of japan could come back into the market at the ministry of finance's command to unwind the situation? especially with today being a holiday in japan, monday is a holiday in japan. it will still be the u.s. ...
Bloomberg: Bloomberg Daybreak Australia
5/2/2024 11:38pm
... the bank of japan then executes for the ministry of finance. so that looks like that is what happened. if it wasn't what had happened, you would almost think that they would somehow have indicated otherwise, although maybe not. but the market is certainly ...
Bloomberg: Bloomberg Daybreak Australia
5/2/2024 11:38pm
... expected with the rest of what they do, that says that they probably spent tens of billions of dollars buying em stocks and the way intervention works in japan is that the ministry of the finest says go. ...
Bloomberg: Bloomberg Daybreak Australia
5/2/2024 11:38pm
... dollar in a very short space of time, those already looked very much like intervention. then we had those figures you talked about which, when you compare what went on in the bank of japan's current-account to what it would normally have been ...
Bloomberg: Bloomberg Daybreak Australia
5/2/2024 11:37pm
... potentially letting officials on friday breathed a little bit easier, that is, of course, ahead of the u.s. jobs numbers. that analysis by bloomberg of the bank of japan's current account figure suggests that ...
Bloomberg: Bloomberg Daybreak Australia
5/2/2024 11:24pm
... excitement and there still can be a lot of excitement for japanese stocks. we are very positive on japan as well. thanks so much. we will have more ahead on 'daybreak australia.' ...
Bloomberg: Bloomberg Markets
5/2/2024 4:50pm
... we are building in japan and that will take a great deal of our cash. we see that as the horizon. i know you know our partnership your domestically, we've invested a great deal of time, energy had money and will continue to do so internationally our real vegas ...
Bloomberg: Bloomberg Markets
5/2/2024 4:40pm
... are doing in private equity. you've seen us do that at s&p global come in the u.s., vmware in the u.s., hitachi in japan. even though rates are higher, those are great opportunities for investors that we are pursuing aggressively. sonali: we thank you so much for ...
Bloomberg: Bloomberg Markets
5/2/2024 4:38pm
... time in china and japan. japan is actually coming out of deflation. on the china question i think there are a couple of really important points to keep in mind. one is on the housing market that you have excess homes, and that is putting disinflationary ...
Bloomberg: Bloomberg Markets
5/2/2024 2:05pm
... markets in the u.s. as well as europe and in china the story is very much of a resurgence of tourism where the chinese outbound traveler traveling to japan and europe is finding good deals and coming back to life for the sector following the ...
Bloomberg: Bloomberg Surveillance
5/2/2024 12:10pm
... it's a demographic story read for japan as we talked about is very much in inflation and rate story and i think those will play out in yields. everyone's been asking questions like what's fed chair powell going to look at that ...
Bloomberg: Bloomberg Surveillance
5/2/2024 12:10pm
... investors moving to e.m. is another way of diversifying away from large-cap and quality which are our favorite allocations in the u.s. market. i think both india and japan have stories that are working for them. india it's an infrastructure story. ...
Bloomberg: Bloomberg Surveillance
5/2/2024 12:09pm
... annmarie: you say japan and india are diversifiers when it comes to markets are they away to fill the gap of individuals and investors who don't want china anymore. gargi: it can be one of those we've been talking about ...
Bloomberg: Bloomberg Surveillance
5/2/2024 12:09pm
... i think the bigger story there is most u.s. investors and i would say most international investors have been very under allocated to japan for the last decade. and for good reason because there is a country where you haven't seen inflation haven't ...
Bloomberg: Bloomberg Surveillance
5/2/2024 12:08pm
... that broader access to other parts of the markets. i'm glad you brought up japan. we are looking at a country really struggling to get it under control. the story is broader than what's been happening with the yen over the last two weeks or so. ...
Bloomberg: Bloomberg Surveillance
5/2/2024 12:08pm
... expecting and as of right now we haven't necessarily seen that. i think investors are looking for something that's outside of the large-cap parts of the market. and the two areas that we like our japan and india for exactly ...
Bloomberg: Bloomberg Surveillance
5/2/2024 11:25am
... be hawkish, but everyone outside of japan seems determined to cut rates as much as they can. the implied commitments of the ecb and other central banks are much stronger than anything the ...
Bloomberg: Bloomberg Surveillance
5/2/2024 11:23am
... certainly against the grain and what's priced by consensus. what are you looking for from chairman powell and will it be sufficiently good enough to help the likes of japan and the japanese yen? steve: we are looking for two ...
Bloomberg: Bloomberg Surveillance
5/2/2024 11:22am
... the actions of the bank of japan in terms of creating extra volatility, which is what makes it difficult to do the carry trade's moving against the yen. is there some truth that, a japan that would like to see more volatility in its currency ...
Bloomberg: Bloomberg Surveillance
5/2/2024 11:21am
... know what they are doing and know what the bank of japan has been saying. if you go short on dollar-yen -- sorry, long on dollar-yen, you have to be prepared for intervention and have a risk ...
Bloomberg: Bloomberg Surveillance
5/2/2024 11:09am
... valuations are fairly attractive, you know that there are upside surprises coming. we are fairly sure on rate cuts. for example, looking towards markets, latin america is attractive to us as well as places like india, also japan. ...
Bloomberg: Bloomberg Surveillance
5/2/2024 10:31am
... for a reason and i couldn't find one either. maybe it was the bank of japan stepping in? jonathan: i will tell you the inconsistency, it's this year in the bond market. if that had faded as well, ok, something is happening. ...
Bloomberg: Bloomberg Daybreak Europe
5/2/2024 5:14am
... japan. apple will get questions about strategy, but they tend to want big events where they can have a detailed strategy we've not seen that from apple yet. ...
Bloomberg: Bloomberg Markets Asia
5/2/2024 3:34am
... japan growing at 35%, businesses are moving to enabling comp capabilities which you need. that means businesses can use and leverage ai. why is ai so relevant to us? we are the business applications ...
Bloomberg: Bloomberg Markets Asia
5/2/2024 3:10am
... seen before the fed meeting. paul: perhaps not the news policymakers are trying to defend the yen in japan were looking for either. we saw another big news today, raising the question that we've had two interventions this week. ...
Bloomberg: Bloomberg Markets Asia
5/2/2024 3:09am
... cranfield will stick with us. . we will talk about the fed and bank of japan in just a moment. we do have plenty more to come, this is bloomberg. paul: we talked a little bit about that rally we saw on the hang seng. let's get back to our mliv ...
Bloomberg: Bloomberg Daybreak Asia
5/2/2024 0:19am
... we are building chip plants in places like japan and giving the philippines money in order to expand chip production and diversify away from the taiwan risk exposure and have it in places where we have secure supply chains. so that story i think is permanently gone. the bigger question about the ...
Bloomberg: Bloomberg Daybreak Australia
5/1/2024 11:40pm
... we are about tournament away from the start of cash trading in sydney and also the open in korea and japan as well. sydney futures looking pretty muted. looking like we will extend the losses from the previous session, a broad-based selloff ...
Bloomberg: Bloomberg Daybreak Australia
5/1/2024 11:39pm
... consumers, even though a weaker yen is a positive for big companies, for exporters. so it's that disconnect leading to inflation, where the bank of japan is almost ok with the weakness in the yen, versus the ...
Bloomberg: Bloomberg Daybreak Australia
5/1/2024 11:39pm
... effective do you think intervention could be if indeed we have seen it a couple times over the course of this week? pooja: the issue in japan is that inflation is not really in near-term issue. some amount of inflation would not be bad for their economy. ...
Bloomberg: Bloomberg Surveillance
5/1/2024 11:32am
... williams was talking about. jonathan: use conference, 2:30. if you are in japan and look up at the ministry of finance, tonight the lights will be on. and you can see the corner. they will have bloomberg in the ...
Bloomberg: Bloomberg Surveillance
5/1/2024 10:32am
... with the bad inflation it supported? jonathan: that is why it is eventually so much harder. doesn't feel like they are on the same page at all. lisa: and until the bank of japan gets on the same page, can you get a sustained rally? annmarie: today under ...
Bloomberg: Bloomberg Surveillance
5/1/2024 10:32am
... reasons you seen a big selloff as the bank of japan didn't take a more hawkish stance or seem concerned, saying that they would raise rates. they were watching it but it was not the main thing, raising the question that if they are not that concerned about it, at what point does it hamper the ...
Bloomberg: Leaders with Lacqua
5/1/2024 3:32am
... let's look at some of the movers in the markets today, a favorite of warren buffett announcing that share buyback and share price ticking slightly higher on what is a down day for markets in japan. ...
Bloomberg: Leaders with Lacqua
5/1/2024 3:32am
... japan's stockmarkets are returning from the lunch break, it was risk off in the u.s. and there is a trickle through into the asian session, we have many markets shut today. the nikkei and topex declining. ...
Bloomberg: Bloomberg Daybreak Australia
4/30/2024 11:56pm
... we have more evidence the bank of japan probably did conduct intervention on monday. we have got a boj report from yesterday that its current account is going to fall by $7.56 trillion per it -- _ ...
Bloomberg: Bloomberg Daybreak Australia
4/30/2024 11:46pm
... corporate japan. haidi: japan is another dimension to this in terms of how long the yen stability might stay as well. some interesting comments we got from the politburo. maybe a little bit more expressed aggression and how ...
Bloomberg: Bloomberg Daybreak Australia
4/30/2024 11:45pm
... thing that would have a lot of impacts on japan's economy and the political situation. and you can see we have had this inversion of the previous situation where it used to be a ...
Bloomberg: Bloomberg Daybreak Australia
4/30/2024 11:44pm
... japan has probably conducted its first currency intervention since 2022. for more let's bring in garfield reynolds who leads our markets live coverage. the evidence piling up that was intervention we saw on the 29th ...
Bloomberg: Bloomberg Daybreak Australia
4/30/2024 11:42pm
... we saw interesting results from bloomberg analysis of central bank accounts concluding that japan likely did conduct the first intervention since 2022. so we continue to watch the yen particularly as we see that big ...
Bloomberg: Bloomberg Daybreak Australia
4/30/2024 11:42pm
... it will be seen as a welcome sign by the central bank returning inflation to the target. taking a look at japan we are seeing a little bit of weakness although mild compared to what we are seeing across the rest of the region. ...
Bloomberg: Bloomberg Daybreak Australia
4/30/2024 11:12pm
... its industries by working with allies like the u.s., japan and south korea. binance founder changpeng zhao has been ordered to spend four months in prison for failures that allowed cyber criminals and terrorist groups to trade on the world's largest cryptocurrency ...
Bloomberg: Bloomberg Daybreak Australia
4/30/2024 11:11pm
... april 2020 that the statement has mentioned interest rates. an analysis of bank of japan accounts suggests the bank of japan it likely intervened to support of the yen. the boj reported on both of them at a drop of 7.5 ¥6 trillion and ...
Bloomberg: Bloomberg Daybreak Australia
4/30/2024 11:10pm
... upward pressure will stay there. and the market will keep testing what is really the red line for the bank of japan. ...
Bloomberg: Bloomberg Daybreak Australia
4/30/2024 11:09pm
... it's not on the table for the bank of japan. whether or not to intervene to keep it below 160, i think is more like that that applies for the months ahead. ...
Bloomberg: Bloomberg Daybreak Australia
4/30/2024 11:09pm
... see the number continuing to push up. maybe 160 will be the point where they will start making that material intervention. purely based on what they said the last friday bank of japan ...
Bloomberg: Bloomberg Daybreak Australia
4/30/2024 11:08pm
... paul: i just want to talk about the urine. we have seen the bank of japan accountants suggest that what we saw on the 29th of this month was, in fact, intervention. considering what we were talking about, the convergence in rates, do you think the ministry of finance and the bank of japan are ...
Bloomberg: Bloomberg Technology
4/30/2024 3:01pm
... that's usually the trend. the dollar, stronger versus the yen, a complete verse from yesterday, it looks as though japan indeed had intervention into the markets to try to prop up again. ...
Bloomberg: Bloomberg Surveillance
4/30/2024 11:33am
... willing to fight the foreign minister in the ministry of foreign exchange in japan because they haven't a strong connection and we haven't seen that from the bank of japan. is it a victory for the yen to trade around $1.55 versus the ...
Bloomberg: Bloomberg Surveillance
4/30/2024 10:39am
... at this point, i think that the bank of japan is gun shy. last time that they try to hike rates japan fell back into a recession, so i understand why they have been so cautious. there are so many moving parts i don't know if this policy path ...
Bloomberg: Bloomberg Surveillance
4/30/2024 10:38am
... march that underscores the bank of japan is being cautious. you can't have your cake and eat it too. if you're going to be dovish she will have a weak currency. if you want to really put a floor under your currency you will have to hike rates. ...
Bloomberg: Bloomberg Surveillance
4/30/2024 10:38am
... more hawkish forward guidance. the markets only priced in 50 or 60 basis points of tightening over two years which is very shallow. the bank of japan's guidance hasn't helped. overnight, we had soft data for ...
Bloomberg: Bloomberg Surveillance
4/30/2024 10:38am
... lisa: the idea $40 billion, $45 billion of yen intervention is it significant in the scheme of things but the idea of hiking rates is more significant. does this put this back on the table for the bank of japan in a more material way? win: they did such a dovish fold last week that i was shocked. ...
Bloomberg: Bloomberg Surveillance
4/30/2024 10:37am
... wider than the exchange rate we could start talking about crisis, but i don't see the seeds. it is a strong dollar issue. it isn't just japan. korea is complaining. ...
Bloomberg: Bloomberg Surveillance
4/30/2024 10:36am
... how the weak yen wasn't impacting inflation yet. until something happens on the fed side, it gets more dovish and cuts rates, or on the japan side, there stuck and more ...
Bloomberg: Bloomberg Surveillance
4/30/2024 10:36am
... latest round of fed hawkishness coupled with the bank of japan. the market did not disappoint. i am disappointed that the bank of japan did not think this out or doesn't appear to have thought this out clearly. ...
Bloomberg: Bloomberg Surveillance
4/30/2024 10:13am
... more dovish then the market is expecting, which some people think is possible. are they trying to see, how much bang can we get jonathan: for our buck? jonathan:when mike mckee pops the question in tomorrow's news conference the make of japan is hoping that he says no hikes. ...
Bloomberg: Bloomberg Surveillance
4/30/2024 10:13am
... cycle similar to the post-covid experiences of a central banks to put a floor or ceiling on top of dollar-yen. lisa: we have heard from the bank of japan a lack of willingness to do so. they're counting on the fed in the meantime coming out a little ...
Bloomberg: Bloomberg Surveillance
4/30/2024 10:12am
... control? what is successful? the jury is out because this is basically buying time before you get something more definitive on the u.s. side. jonathan: you mentioned the close out at deutsche bank. the bank of japan needs to engineer an expedited hiking ...
Bloomberg: Bloomberg Daybreak Europe
4/30/2024 5:13am
... we think about boj impact, clearly there will be those in japan watching with an eagle i as many will be. is the hawkish pivot expected? mark: to an extent, but the ...
Bloomberg: Bloomberg Daybreak Europe
4/30/2024 5:12am
... of japan. we had the governors saying the yen was an important factor considered for monetary policy and yet, he backed away from it barely mentioned it. ...
Bloomberg: Bloomberg Daybreak Europe
4/30/2024 5:11am
... asian markets, thank you. indeed. we will stay with the asian markets. japan's government will need to work given the economic forces ...
Bloomberg: Bloomberg Daybreak Europe
4/30/2024 5:09am
... hang seng erasing gains along with csi 300 did into negative territory, not quite convinced traders here. also seeing in the asia-pacific japan is back from their holiday, running higher. ...
Bloomberg: Bloomberg Markets Asia
4/30/2024 3:58am
... not japan intervened when the yen reached 160 for the first time since the 1990's. more ahead. that is a from bloomberg markets: asia. daybreak middle east in africa is next. keep it here with us. this is bloomberg. when people come, they say they've tried ...
Bloomberg: Bloomberg Markets Asia
4/30/2024 3:50am
... but because in singapore the cost of living is not that bad compared to america or coastal cities like even in japan. if you are living in a flat, it doesn't cost that much. for that matter, health care. we have extremely -- health _ ...
Bloomberg: Bloomberg Markets Asia
4/30/2024 3:44am
... investors will really understand the hong kong market. so they might have heard of japan and hong kong. half of them haven't even been to singapore. so, we feel that it is good for us and for the company to show ...
Bloomberg: Bloomberg Markets Asia
4/30/2024 3:43am
... more attractive if you talk to institutional investors eventually. exits partially because of that. there's a lot of investor interest in hong kong. and more recently in japan. the main reason is really because we looked at both markets and there is an ...
Bloomberg: Bloomberg Markets Asia
4/30/2024 3:27am
... all. japan nikkei up by 1.4 percent after coming back from that break yesterday. it is the yen that is front and center. let's talk about intervention. at 156 and change. that intervention yet to be ...
Bloomberg: Bloomberg Markets Asia
4/30/2024 3:21am
... now we are talking with regulators in japan and korea, in singapore, and also investors from the west. annabelle: that was hash key capital ceo. ...
Bloomberg: Bloomberg Markets Asia
4/30/2024 3:21am
... annabelle: the most notable one as japan, korea and singapore. who will be next to launch a crypto etf? we are closely monitoring the market demand as well as working closely with regulators. ...
Bloomberg: Bloomberg Markets Asia
4/30/2024 3:08am
... i think it has gone beyond just high external weights. it is becoming a local issue, but they have to improve the real interest rates of japan. haslinda: what are your conviction calls for 2024? ...
Bloomberg: Bloomberg Daybreak Asia
4/30/2024 0:49am
... that have shunned other asian market peers. the other spotlight we have cast is overtrading cast in japan. we are seeing really robust upside including elliott ...
Bloomberg: Bloomberg Daybreak Asia
4/30/2024 0:48am
... seeing leadership from japan after that delayed opening with the public holiday yesterday, giving traders in japan the first chance to react to a volatile yen session on monday which sparked suspicion of intervention which may or may not be closer to being ...
Bloomberg: Bloomberg Daybreak Asia
4/30/2024 0:09am
... it looks like they did probably intervene. commentary was still kind of ambiguous. if we assume that they did, they are not getting much bang for their buck. garfield: that is one of the things that have you wondering if they did, although from our point of view, if japan did ...
Bloomberg: Bloomberg Daybreak Australia
4/30/2024 0:00am
... drastically. haidi: it is not just japan but we have seen the impact across asian currencies. we had samsung numbers and it also just mentioned in some commentary of getting positive boost as a result of the policy effect. ...