The month of April is over as far as the Nikkei is concerned and that is a good thing. The Nikkei 225 Stock Average lost 28.76 (-0.17%) to 17,400.41 (range: 17,299.37 – 17,542.25) . Nikkei 225 futures in Osaka lost 50, or -0.29% to 17,410 (range: 17,300 – 17,560). TOPIX 1st Section fell 2.41, or -0.14% to 1,701 (range: 1,694.04 – 1,718.97), barely holding onto to 1,700. Advancers outnumbered decliners 936 x 669 (124 unchanged). JASDAQ lost 0.02 (-0.02%) to 80.95 (range: 80.58 – 81.32).

A slew of economic data for March and a Bank of Japan decision to hold at 0.50% was mixed into today’s trading. [...]

Unemployment unchanged at 4.0%. Continued weakness in retail; household spending lower; production surprisingly turned negative; and CPI 0.1% lower than expected at -0.3%. Tokyo CPI stable. The yen was last trading around 119.4 against the dollar. The case for a BoJ hike any time before, or soon after July upper house elections seems out of the question. Likewise for a reversal of the yen carry trade.