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Wages Return To (Unimpressive) Growth

JPY

USD/JPY rose in tandem with U.S. Tsy yields Monday, while soaring commodity prices prevented the yen from drawing more support from broader risk aversion.

  • The rate last trades flat at Y115.33, with bulls looking to a move through Feb 15 high of Y115.87. A break above that level would open up Feb 10/Jan 4 highs of Y116.34/35. On the flip side, a slide through Feb 24 low of Y114.41 would draw attention to Feb 2 low of Y114.16.
  • Cash earnings growth picked up and registered at +0.9% Y/Y in January, topping the median estimate of +0.1%. Although wages returned to growth, they only increased by a small margin.
  • Elsewhere, Japan's BoP current account deficit widened more than expected to Y1.1887tn in January from -Y370.8bn prior.
  • Eco Watchers Survey headlines the local docket during the remainder of today. Looking further afield, final GDP (Wednesday), PPI (Thursday) & BSI Survey (Friday) are due this week.
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