Five Things You Need to Know to Start Your Day

Yen tumbles. US workers win record wage hikes. Consumer confidence falls. Here’s what you need to know today.

Bank of Japan Governor Kazuo Ueda received a reminder of the pitfalls he faces in trying to tiptoe toward policy normalization without disrupting markets. The yen unexpectedly tumbled after the central bank loosened its grip on bond yields, as the move appeared to fall short of investors’ hopes for a clearer sign of progress toward policy tightening. Still, even if Tuesday’s step was a bit of a stumble, it brought Japan closer to a more conventional policy approach after decades of experimentation with quantitative easing, negative interest rates and yield curve control.