Morning Bid: Bye Kuroda - BOJ takes center stage as banks get battered

A look at the day ahead in Asian markets from Jamie McGeever.

This is the market backdrop against which the BOJ delivers its last policy decision under Kuroda. It is widely expected to start reversing its super-loose policy, ratified by the lower house on Thursday and set to receive Senate approval on Friday, will take over from Kuroda on April 8.

It will be under his watch that Japan will attempt to steer a smooth exit from ultra-loose monetary policy which has seen interest rates anchored around zero for decades and the BOJ's balance sheet swell to a record 130% of GDP. The BOJ already tweaked Kuroda's 'yield curve control' policy in December, doubling the effective cap on the 10-year government bond yield to 0.50%. Markets have bet heavily that the BOJ will be forced to restore 'normal' bond market functioning by raising it again soon or even abandoning it.

Although global and domestic pressures are pushing yields higher, the economic picture is less clear-cut. Inflation at 4.2% - the highest in 40 years - has driven the fastest fall in real wages since 2014, and revised figures on Thursday showed that Japan's

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