If the Bank of Japan (BoJ) was looking for evidence of growing wage pressures to justify abandoning negative interest rates, it wasn’t found in the latest government report for November. It was a shocker with nominal worker earnings rising by the lowest level in nearly two years. But as is often the case with market events in Japan aside from rate decisions, USD/JPY was unmoved on the news. But surely the odds of the BOJ moving to normalise monetary policy are diminishing with a raft of economic indicators suggesting sustainable wage pressure may be difficult to achieve. According to the government, average nominal ... (full story)