Tuesday tells the Japanese Yen more than next week will
USD/JPY trades just above 154.00 after giving up 1.22% on a Monday with American desks shut. Everything the pair has left to argue about arrives inside ten days, and the first of it lands tonight. Japanese wage data at 23:30 GMT is the number the Bank of Japan (BoJ) has made the condition of everything else. Tonight is Tokyos own test Japanese labour cash earnings for July land at 23:30 GMT, seen at 3.9% YoY after 3.4%. The second estimate of Japanese Gross Domestic Product (GDP) follows at 23:50 GMT with growth seen at 0.4% on the quarter after 0.3% and the deflator at 2.6%, alongside a current account seen at ¥2.87 trillion after a ¥92.3 billion deficit. The wage figure is the one that counts, and the useful comparison sits on the same release. Nominal pay seen at 3.9% against a deflator seen at 2.6% is a real gain, which is precisely what the hawkish case has been short of. The country that could not manufacture wage growth for a generation is scheduled to report some at half past eleven tonight. What it cannot do is add to September. That hike is priced at close to 97% and there is no room above









