USD/JPY flows: Continue to be higher after BoJ summary of opinion

BoJ summary of opinion shows more hawkish members as more calls for steady rate hike to cover inflation overshooting. However, the subsequent disappointing wage data brings out the caveat, BoJ only supports rate hike if inflation continue to be higher. The March cash earning shows an increase of 0.6% y/y, missing estimates of 1.5% and slowed from 1.8% in February. It is disappointing because it is in March when the wage negotiation showed the most progress and should have witnessed stronger growth. 

USD/JPY rebounded from session low at 155.14 to 155.61 and is up 0.08% for the session.