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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
JAPAN DATA
Headline wage outcomes came in below expectations for March. Nominal cash earnings were up 0.6% y/y, against a 1.4% forecast. Real cash earnings fell -2.5%y/y against -1.4% forecast, and a revised -1.8% print for Feb.
- Affecting these headline outcomes was a -9.4%y/y dip in bonus payments. Hours worked also fell, -2.7% y/y versus -0.5% prior.
- Still, cash earnings on a same sample base were better in y/y terms, up 2.2% compared with 1.9% prior (2.2% was the forecast). Scheduled full time pay on a same base were 2.3% y/y (against a 1.9% forecast and 2.1% prior).
- The chart below shows the headline measures in the top panel, while the same base measures are presented in the bottom panel.
- The same base measures present a more resilient outlook and should go some way to offsetting the weaker headline prints. The firm wage outcomes negotiated recently are also expected to start impacting the data in April per the BoJ.
Fig 1: Japan Wage Outcomes Y/Y, More Resilient Using Same Sample Base (bottom panel)
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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