The Bank of Japan's Wage Growth Forecast for 2023 and 2024

This year's spring wage negotiation came out in an upside surprise with the total pay rise being 3.8%. The largest growth since 1992 we note this wage growth will likely fall a bit in the final set of the as a survey incorporates more SMEs in the sample. We remain thinking that the BOJ will change it just its four guidance with us first meeting at April and the YCC policy tweak will instead be in June indeed the ongoing decline in global yields having full and JGB yields to fall as well.