JPMorgan has issued a caution regarding the policy outlook of Haruhiko Kuroda, focusing on the implications of the Bank of Japan's (BoJ) monetary policy and upcoming spring salary negotiations. Strategist Yuxuan Tang emphasized the importance of Kuroda's press conference, particularly concerning real interest rates and wage growth. The bank suggests that Kuroda's approach to wage increases will be crucial in determining the timing of future interest rate hikes. The report highlights that risk-on assets are particularly sensitive to BoJ policy signals, especially as real wages continue to remain negative. This sensitivity underscores the broader global concern of countering the financing of terrorism amid changing monetary policies.