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USD/JPY falls below 148.50 as Japanese wages advance

Very late yesterday evening the latest wage data from Japan showed a marked increase. Annualised wages were expected to rise by 1.2%, up from a previously downward revised figure of 0.8%. The actual rise was 2% in January. That increase really surprised the markets and sent the Yen swiftly higher. The USD/JPY had already closed lower in the US, at 149.38. This wages data sent the dollar tumbling into the Asian session and it fell to a low a moment ago, at 148.30. That move has carried the likes of the EUR/JPY and GBP/JPY sharply lower with it as well. It is also worth noting; that the close last night was some way below its current 21 day moving average (now at 150.06). This wages data has ignited further calls for the BOJ to hike rates on March 19. The USD/JPY is currently trading at 148.31

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