Japanese wage growth strengthened in February and we think it will accelerate further over the coming months as overtime and bonus pay continue to recover. However, as the post-Omicron rebound wears off wage growth should settle at 1% which won’t be enough to ensure 2% inflation is sustained.
Drop-In: The fallout from Europe’s energy war (6th April, 10:00 EDT/15:00 BST): Join our Europe and Commodities teams for a special briefing on Wednesday, 6th April about the structure of global energy markets and the outlook for the European and Russian economies. Register here
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