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Kuroda & Kishida Want To See Wages Rise In Tandem With Prices

JPY
Comments from BoJ Gov Kuroda & PM Kishida have been hitting the wires simultaneously, providing the domestic highlight of the morning session in Tokyo.
  • The BoJ chief told lawmakers that rising commodity prices have a larger impact on inflation than yen weakness. He noted that a modest decline in the yen is positive for the economy, adding that recent depreciation is not abnormal. Kuroda stressed the need for prices and wages to rise in tandem.
  • PM Kishida said that it is hard to distinguish between good and bad price gains but he wants price rises to be passed on and result in wage increases. Kishida noted that he will avoid setting any deadline on achieving the desired inflationary outcomes and ruled out sales tax reductions.
  • USD/JPY trades at Y113.94, a touch lower on the day, after a recovery in U.S. Tsy yields helped push the pair higher on Monday. Bulls need a clearance of Jan 18 high of Y115.06 before targeting Jan 11 high of Y115.68. Conversely, sales past Jan 14/24 lows of Y113.49/47 would bring the 76.4% retracement of the Nov 30 - Jan 4 rally at Y113.43 into view.
  • The BoJ will release the summary of opinions from last week's policy meeting tomorrow, with January Tokyo CPI due to hit the wires on Friday.
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