日銀プレビュー：利上げへの慎重なアプローチには、世界的に高い不確実性の中を手探りで進むことがふさわしい

BoJ preview: Groping through high global uncertainty deserves cautious approach to hike

The Bank of Japan (BoJ) is increasingly facing a dilemma to further normalize its monetary policy.On positive developments, the virtuous cycle between nominal wages and inflation continued to strengthen. After the strong FY25 spring wage negotiation, nominal regular wages rose by +2.5% YoY in July (Chart 1). This comes on top of the +2.4% YoY growth in the previous year, the largest increase in three decades. Furthermore, services CPI inflation gradually picked up to +1.5% YoY in July. As inflation expectations have also stabilized above 2%, domestic inflation pressure has been strengthening, ...