The report says that Japan's trade union confederation, otherwise known as RENGO, is planning to ask for more than a 5% wage hike in the coming 2024 spring wage negotiations. Adding that they also plan to ask for more than a 3% base wage hike on top of that.

That's a tall order but will at least feed more confidence to the BOJ in trying to pivot towards normalising monetary policy at least. We can only wait and see as this sort of speculation should mean that the Japanese central bank is likely to wait until next March or April before really stepping up to the plate.