24 July 2023, USD/JPY
USDJPY trading plan:
Japan's largest trade union confederation 'Rengo' urged companies to raise wages further to outpace inflation and help workers deal with rising living costs. The lobby group made the demand as it’s reviewed the results of its annual spring wage talks that concluded earlier this month, which saw major companies agree to average pay hikes of 3.58% this year, the highest in 30 years. Prime Minister Fumio Kishida and the Bank of Japan are hoping wage hikes can be sustained to generate more consumer spending that will decisively lift the world's third-largest economy from decades of stagnation. In Japan, average annual wages have been virtually flat since the bubble burst in the 1990s, OECD data showed, lagging many other advanced economies. The outlook has been even less positive for workers at smaller companies, which account for almost 70% of the workforce. This is a positive signal for the Japanese stock market and USDJPY. The assets are correlated.
Investment idea: buy 141.15 and take profit 141.90.
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