The ongoing "shunto" spring wage talks in Japan this year is a massive pillar to watch, as that could set the platform on which the BOJ might use as leverage to pursue a move away from its current easy policy stance.

A bellwether in gauging that has been Toyota, who last week accepted the labour union pay demands. However, they have not officially disclosed the size of the pay rise that has been agreed. Japan prime minister Kishida has been rather vocal in pressuring businesses and firms to step up their game amid rising inflation pressures.