Multiple media reports on the Bank of Japan policy adjustment outlook say "the policy adjustment is already priced in."

【3/15Market Overview

Tokyo time, USD/JPY5・10-day (GOTOYOBI) fixing, due to expectations of dollar buying, rose to148.66yen. However, ahead of the release of the Spring wage negotiations first round results in the evening, there was no follow-up buying, and it retreated to148.25yen. In Europe time, in Japan’s Spring wage negotiations for 2024, the average wage increase rate (first round results) exceeded24years, reaching a high level not seen in 33 years, fueling expectations that the BOJ would move toward ending negative rates, sending USD/JPY to148.03yen. In NY time, as recent US price indicators remained high, expectations for US rate cuts faded, and US 10-year treasury yields rose, pushing USD/JPY up to149.16yen.