A post by @FirstSquawk on X.
BOJ SUMMARY SHOWS ONE MEMBER SAID NEXT YEAR’S ANNUAL WAGE NEGOTIATIONS WARRANT ATTENTION, BUT THAT IT IS UNLIKELY WAGE GROWTH WILL RISE SIGNIFICANTLY RELATIVE TO THIS YEAR AND THE RISK OF SECOND-ROUND EFFECTS EMERGING IS NOT HIGH
@FirstSquawk on X
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The Bank of Japan’s summary of opinions showed at least one board member flagging next year’s annual wage negotiations as worth monitoring, while judging that wage growth is unlikely to accelerate meaningfully beyond this year’s pace and that the risk of second-round inflation effects remains low. The remarks temper expectations for a near-term shift toward faster wage-driven price pressure in Japan. The summary matters for yen and JGB markets because it signals continued caution on the durability of domestic inflation. Investors will watch upcoming wage negotiation signals and BOJ communications for confirmation of whether policymakers see scope to normalize further.
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Bank of Japan