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The BoJ has received a breath of fresh air

The BoJ has received a breath of fresh air | 08 November 2023

08 November 2023, USD/JPY

The BoJ has received a breath of fresh air

USDJPY trading plan:

Financial markets worldwide pay close attention to the wage trends in the world's third-largest economy. The Bank of Japan regards sustainable pay increases as one of the prerequisites for unwinding its ultra-loose monetary stimulus. Inflation-adjusted real wages, a barometer of consumer purchasing power, dropped in September by 2.4% from a year earlier after a revised 2.8% fall the month before, data from the Ministry of Health, Labour and Welfare showed. The consumer inflation rate officials use to calculate real wages, which includes fresh food prices but excludes owners' equivalent rent, slowed to 3.6%, the lowest since September last year. Such a situation allows the Bank of Japan to continue printing money, which is negative for the Yen.

Investment idea: buy 150.50 and take profit 151.05.

David Johnson
Analyst of «FreshForex» company
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