Japan Pay Rise, U.S. Grills Xi Aide, Dot Plot Done Dash: Eco Day

Welcome to Thursday, Asia. Here’s news from Bloomberg Economics to help get your day started:

End of beginning? Japan’s super-tight labor market is finally starting to produce the kind of pay raises that should help growth and spur inflationU.S. lawmakers pressed Chinese President Xi Jinping’s top economic adviser to stop unfair trading practices, while retailers warned Americans will pay more if President Trump follows through on protectionism. The Peterson Institute reckons U.S. tariffs won’t hurt Chinese firms directly Done its dash? St. Louis Fed chief James Bullard says setting out an interest-rate hike path without knowing what the data will show is something the central bank should stop doing. Incoming New York chief John Williams also riffed on the dot plot and said it’s almost time for the Fed to stop holding the market’s handSocGen reckons the U.S. could face a recession in late 2019 or early 2020In Malaysia, a lack of policy clarity following Mahathir Mohamad’s shock election victory is clouding the outlook for the economyBank of England No. 2 Ben Broadbent was forced to apologize after describing the U.K. economy as “menopausal.” Meantime, former Indian central bank chief Raghuram Rajan said he doesn’t plan to apply for the BOE governor’s job when Mark Carney’s term endsReal surprise. Brazil unexpectedly held rates, citing an emerging market rout for cutting short its most aggressive easing cycle in a decadeNext door, President Mauricio Macri pledged to cut the fiscal deficit faster as part of an IMF agreement. Here’s how Argentina wound up with interest rates at 40%Expanded list: The U.S. sanctioned Hezbollah leader Hassan Nasrallah for destabilizing actions in the Middle East, having earlier targeted the Iranian central bank chief. Up north, Russian lawmakers plan to make it illegal to implement sanctions on Russians