USDJPY – Down
USDJPY trading plan:
Japan’s average minimum wage is set to rise at a record pace this year, the government said. The health ministry formally approved a recommendation by its sub-committee that the average minimum wage for the current fiscal year ending in March 2023 be raised by 31 yen, or a record 3.3%, from the current level to 961 yen per hour. Kishida is counting on the hike to drive his flagship policy of distributing wealth to broader segments of the population to put Japan’s economy on a sustainable recovery path. The sub-committee’s recommendation, which is made each year and serves as the nationwide standard for minimum wages, was approved as it was made by the wider committee comprising management and labor union representatives as well as academics. This is a positive signal for the Japanese stock market and USDJPY, as assets correlate with each other.
Investment idea: buy 132.77 and take profit 133.38.
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