BOJ Signals Progress on Wages Without Clear Hint on Hike Timing

The Bank of Japan indicated it sees progress in wage gains, while refraining from giving any clear hints on whether an interest rate hike is coming this month.

“Overall, many chiefs reported that the awareness of the need for sustained wage increases is permeating through a wide range of industries and businesses of various sizes,” the quarterly summary of branch managers’ views released Thursday said. Structural labor shortages and rising minimum pay were behind that changed awareness, it said.