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Japan real wages up for sixth straight month in June

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TOKYO, Aug 5 : Japan’s real wages grew 1.6 per cent in June from a year before, a sixth consecutive month of increases, government data showed on Wednesday, supporting the case for more rate hikes by the central bank.

• Average nominal wages, or total cash earnings, rose 3.4 per cent to 531,677 yen ($3,373.6) a month, faster than a revised 3.3 per cent gain in May.

• The growth in real pay matched May’s revised 1.6 per cent gain.

• Workers’ base salaries, or regular pay, increased 3.4 per cent, accelerating from a 3.0 per cent rise in May. Overtime pay growth in June stood at 2.8 per cent, the same rate as in May after a downward revision.

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• Special payments, consisting mostly of one-time bonuses that tend to be volatile, rose 3.5 per cent in June after a revised 7.4 per cent growth for May.

• In its latest economic forecast released last month, Japan’s government projected nominal wages to rise 3.1 per cent annually through fiscal 2027 and real wages to keep growing despite persistent inflation.

• The Bank of Japan maintained interest rates at its July policy meeting. Governor Kazuo Ueda mentioned upside risks to prices, seen as a nod for another rate hike as soon as September.

($1 = 157.6000 yen)

Source: Reuters

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