Yen Hopes Rest on Tonight's Wage Growth Data

The USD/JPY pair has been trading just above 154.00 after giving up 1.22% on Monday, with American desks shut.

Tonight's Japanese wage data is crucial for the Bank of Japan (BoJ), as it has made this number a condition for everything else.

The second estimate of Japanese Gross Domestic Product (GDP) follows at 23:50 GMT, with growth seen at 0.4% on the quarter after 0.3%, and a deflator at 2.6%.

Nominal pay is seen at 3.9% against a deflator of 2.6%, which is a real gain that the hawkish case has been short of.