Japan: robust wage growth bolsters case for Bank of Japan rate hikes - as early as May

A note from ING points out that labour cash earnings increased more than anticipated in December, with November's data also revised higher.

ING adds that if this year's Shunto wage negotiations deliver results similar to last year's, the Bank of Japan is expected to raise rates by 25 basis points as early as May.

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The data is here from earlier today:

• Japan headline wages +4.8% y/y in December, real wages rise also

Also, this from earlier:

• BoJ likely to raise ratees higher than most expects says former official Hideo Hayakawa

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The yen has gained solidly during the session so far, and it still going: