RBA Set for September Rate Hike as Inflation Stays High 
RBI Raises Repo Rate to 5.50% in Hawkish Shift on Inflation Risks 
ECB May Stop Rate Hikes After December, Capital Economics Says 
UK House Prices Flat in September as Mortgage Rates Weigh 
Gold Prices Rise as Dollar Weakens, Treasury Yields Fall 
BOJ Raises Interest Rate to 31-Year High as Yen Weakens 
US, EU Push for Action Against Asia’s Excess Factory Capacity 
Fed Minutes Signal Another Rate Hike by Year-End 
Oil Prices Rise as Hormuz Risks Offset IEA Stock Release 
Wall Street Falls as Fed Minutes Signal Another Rate Hike 
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According to recent data from Japan's Ministry of Health, Labour and Welfare, December's bonus payments declined 0.4% below that of 2014, shattering the Japanese central bankers' hopes of re-inflation. Further the summer bonus payment failed to impress, while regular salaries did not increased over the previous years.
The recent BoJ's monetary policy effect has faded away from the FX market. While the central bank has a number of measures at its disposal to tackle the situation including QE and rate policy among others, markets now clearly see the exchange rate as the only monetary policy measure left with the central bank. The BoJ will have no other option other than devaluating the yen.
