This just confirms what we already knew from the spring wage negotiations back in March, with Rengo noting that the average wake hike for 2023 is seen at 3.58% - the biggest increase since 1993.
If you recall, this was supposed to be the springboard for the BOJ to start hinting at a policy change under Ueda's new regime. But after three months, there has yet to be any signal on that and the frustration among yen bulls is one of the main reasons why the currency has struggled as of late.
