NZD/JPY REVIEW: created by import-candles on 2026-10-23 from Monorex history (digits 3 map); check digits/point_size/pip_size, then activate. New Zealand Dollar vs Japanese Yen

Japan’s inflation-adjusted wages rose 2.2% from a year earlier in September, up from August’s revised 1.6%, Reuters reports. Base pay grew 3.7%, supporting the case for further Bank of Japan tightening. Total cash earnings rose 4.6%, but the ministry says a 32.6% jump in special payments reflected a statistical quirk rather than increased bonuses.

Japan’s October services PMI rose to 51.7 from 51.3, marking a fifth month of expansion, Reuters reports. But hiring slowed to its weakest pace in the current 14-month stretch and confidence fell to its lowest since March. Composite growth eased to 52.1 from 52.3 as manufacturing slowed, leaving a mixed backdrop for further Bank of Japan tightening.

Thesis: S&P Global’s Annabel Fiddes says growth momentum and easing costs will be important as the Bank of Japan assesses further tightening.

Counter view: Limitation: services improved, but hiring and confidence weakened and composite growth slowed.

New Zealand’s unemployment rate rose to 5.7% in the September quarter, the highest since 2015, InvestingLive reports. Employment fell 0.1%, against forecasts for a 0.4% rise. Private-sector labour costs excluding overtime grew 0.4% over the quarter and 2.0% over the year. The report says the weaker labour market reduced pressure for another RBNZ rate increase, while Saturday’s election adds uncertainty over the bank’s mandate.

Thesis: InvestingLive argues that a weaker labour market reduces pressure for the RBNZ to resume rate increases.

Counter view: Limitation: the report says the RBNZ still signalled that further increases were likely; the labour data do not constitute a policy decision.