January - March GDP upward revised to 3.3% (annualized), from 2.4%. Speculation rises among some market participants that the Bank of Japan will hike, likely in August, after the upper house election in July. Maybe, maybe not. The point is, even another 0.25% taking the benchmark target to 0.75%, widely lags rates on a global basis, from the ECB to New Zealand — in effect keeping the carry trade alive even if there’s a speed bump or two which gets everyone excited and talking about the carry.

* Nikkei 225 Stock Average: +55.39 (+0.3%) to 17,834.48
* Nikkei 225 futures Osaka: +50 (+0.3%) to 17,840
* TOPIX: +4.99 (+0.3%) to 1,761.15; Advancers 897 x decliners 691 (unchanged 144), new highs 55 x new lows 23; Twenty of thirty-three sectors posted gains
* Jasdaq: -0.45 (-0.6%) to 80.12