-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI US OPEN - ECB Set to Deliver Third Consecutive Cut
MNI China Daily Summary: Thursday, December 12
MNI INSIGHT: Initial Wage Awards By Big Firms Heartens BOJ
Bank of Japan officials are heartened by initial wage hikes at major firms, but are uncertain if they will filter to smaller firms, which is key to boost consumer spending and hit sustained price gains, MNI understands.
Smaller firms account for more than 90% of all businesses in Japan, and have been impacted by higher energy and imported commodity costs that are hard to transfer to retail prices, though officials say there may be a temporary rise in consumer prices above 2% in, or around, April.
But pay increases by major firms rose above 2% for this year, with the average wage hike JPY2,031, just short of the recent highest level of JPY2,081 reached in 2015, according to data by Japan Council of Metalworkers’ Unions, formed by the automobile and electric machinery industries, on Wednesday.
Now the focus for the BOJ is whether wages hikes at smaller firms go above the 1.86% level seen in 2021, which was the first time in eight years that wages fell below 2%. Higher wages are vital for the BOJ’s target of stable 2% inflation and to trigger a virtuous economic cycle.
The BOJ estimates household "forced savings" of JPY20 trillion on a cumulative basis for 2020 (excluding the amount of special cash payments put aside for savings), for around 7% of potential disposable income that were used as some lockdown conditions were eased in the fourth quarter. The BOJ said when new restrictions are lifted this year, spending from these funds may again be used, but not have the same potential impact as other prices have gained.
The BOJ releases its latest policy views on Friday, see: MNI STATE OF PLAY: BOJ Policy To Highlight Downside Econ Risks.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.