08 August 2023, USD/JPY
USDJPY trading plan:
Japanese real wages fell for a 15th straight month in June, while nominal pay growth also slowed, suggesting companies will need to do more on salary hikes to drive a virtuous growth cycle and allow the central bank to consider exiting easy policies. Japan's consumer spending shrank for the fourth month in June, underlining the challenge facing policymakers as the economy remains underpowered despite the end of COVID curbs months ago. June's base salary increase was 1.4%, also smaller than May's 1.7%. "That means that regular wage growth has yet to surpass 2%, which the Bank of Japan considers necessary for above-target inflation to be sustained.
Investment idea: buy 142.71 and take profit 143.48.
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