The adjustments beginning April 1 could be substantial after this year’s year end adjustments in Japan added to the usual month end and quarter end global adjustments.

I’d guess this was the time for a lot of clean up adjustments in Japan from prior years due to more favorable valuations and a return of market functioning.

Today (3/31) is a fiscal year end in Japan and most of the financial institutions are happy with their results as equity is much higher than a year ago (NKY: 11,089 vs 8,109 last year) and JGB yields are almost the same level (10yr JGB: 1.40% vs 1.35% last year)