USD/JPY flows: CPI Supportive for a Hike?

All three item of the November National CPI for Japan is above 3%, with ex fresh food & energy at 3.1%. The inflationary picture continues to be supportive for another rate hike from the BoJ as underlying inflation remains stubborn. Governor Ueda has made his stance clear by suggesting inflation target has been sustainably met. But the political resistance from PM Takaichi may induce the BoJ to water down, again, by suggesting more confirmation from the next spring wage negotiation.

USD/JPY is trading 0.1% lower at 157.28.