Mizuho Securities
June 8, 2026
Japan Macro Weekly
Weekly UpdateFXMacro Economic IndicatorsRates Govt BondsOther
The BOJ is expected to pursue policy normalization with a rate hike in June, targeting a 1.5% policy rate. While geopolitical tensions in the Middle East present risks, wage and price trends remain robust enough to justify the shift.
Key Takeaways
- 1.The BOJ is leaning towards a rate hike at the 15-16 June meeting, with Governor Ueda characterizing his recent stance as hawkish despite uncertainties.
- 2.Real wages in Japan rose for a fourth consecutive month in April, supported by firm growth in nominal wages and subdued inflation.
Table of Contents
- Global economy and finance: Weekly watch (8 June)
- Review of key indicators and events
- Economic indicators
- BOJ-related events
- Economic outlook (as of 8 June)
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Authors
Yusuke MatsuoShintaro InagakiYasuhisa IrieRyosuke Katagi
Securities
10y JGBUSDJPY
Themes
BOJ Policy NormalizationGeopolitical Risk (Middle East)Real Wage Growth
Regions
Asia PacificMiddle EastJapanUnited States
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