• Closely watching the outcome of the spring wage negotiations
  • Want to confirm virtuous cycle of wages and prices is in place

The Japanese yen is moving higher on this comment here, with USD/JPY now down 0.2% to 147.80 on the day. All of this continues to point to March or April as the first step for the central bank to start moving. The headline remark is basically one that keeps the door open for that once policymakers can confirm the results of the shuntō.