Investors were mostly disappointed by the speech from Japanese Prime Minister Shinzo Abe as new policies to stoke growth were nowhere near expectations. Stocks fell and the yen rallied. FX players were looking for changes to the national public fund that would allow a search for yield. Instead he pledged to raise incomes by 3 percent a year and set up special economic zones to attract foreign business. Any changes to the public funds may only come by fall if at all. But those funds are significant and a rough guide is 64 percent are invested in JGBs, 11 percent in domestic stocks, 12 percent in foreign stocks and 9 percent in non-Japanese bonds. There are two elements to consider after the disappointment that changed won’t come immediately: the first is that it was always unlikely that shifts would be swift though the currency market may move on anticipation. The second is that the media and investors may have got ahead of themselves. That last is making some retracement of the yen weakness looking more likely.