ForexLive Asia-Pacific FX news wrap: Japanese wage rise data begins to filter in | Forexlive
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The
yen gained a few points today, with USD/JPY ticking to lows just
under 147.25. The move down was slow but did accelerate a little when
news of wage agreements began hitting news. The first was Toyota, the
firm agreed to Union wage demands in full. As further results
trickled in (more in the posts linked above) USD/JPY stabilised and
then traded in mainly 147.25 – 147.50. While the wage announcements
were related to large Japanese firms, these will need to spread to
mid- and small-sized firms to have a wider impact across the economy.
The Bank of Japan meets on March 18 and 19 to assess whether the wage
gains seen are likely to result in stable and sustained CPI at the
bank’s target level of 2%. Further information on wage rises are
expected through Friday the 15th.
Elsewhere
across major FX it was very quiet and slow, with little news nor data
flow.
Late
in the US day we received the private oil inventory data, this showed
a large headline draw vs. the build expected. Official government
data, from the US Energy Information Administration (EIA), follows
Wednesday morning at 10.30 am US Eastern time.
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