BOJ governor Ueda: Results from spring wage negotiations in line with our January view ...Middle East

Strong momentum of wage hikes spreading to smaller companiesNeed to carefully monitor developments in wagesMust scrutinise wage trendsAware that rising prices are having a negative impact on householdsUnderlying inflation remains below 2%But need to be wary that rising prices could change households' inflation expectationsWill carefully look at economic, price trends

The takeaway here seems to be that he's not pushing the narrative too hard. The spring wage negotiations seem to have played out as expected but Ueda is not forcefully using that as a springboard for May, at least not with these remarks. USD/JPY is seen up 0.4% to 149.93 currently, at the highs for the day.

This article was written by Justin Low at www.forexlive.com.

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