USD/JPY flows: Strong December Wage Growth

The Japan Overall Labour Cash Earnings for December 2024 is a huge beat at +4.8% y/y, a big jump from 3% in November 2024. It seems to suggest the change in stance from the BoJ members towards supportive of a hike in January. If the trend of wage growth continues in 2025, we may see more BoJ hikes.

USD/JPY slipped 0.49% to 153.53.