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Free AccessJapan June Wages Revised Up To +0.4% Y/Y From -0.4% on Bonuses
--Japan June Average Wages Post 3rd Straight Y/Y Rise
--Japan June Real Wages Revised Up To -0.1% Y/Y From -0.8%
--Japan June Base Wages Revised Up To +0.5% Y/Y From +0.4%
--Japan June Overtime Pay Revised Up To -0.1% Y/Y From -0.2%
--Japan June Special Pay Revised Up to +0.4% Y/Y Vs -1.5% Y/Y, 5th Rise
TOKYO (MNI) - Revised average wage data from the Monthly Labour Survey
released by the Ministry of Health, Labour and Welfare on Wednesday.
* Total monthly average cash earnings per regular employee in Japan rose
0.4% on year to Y433.043 in June, revised up sharply from a preliminary 0.4%
fall reported earlier this month, as summer bonuses now posted a gain in the
broader survey, instead of the sharp drop originally reported. Average wages now
marked the third straight year-on-year increase. However, overtime pay continued
to be weak and average wages still dropped slightly after adjusting for
inflation.
* In real terms, average wages slipped 0.1% on year, revised up from the
initial reading of a 0.8% fall. It remained the first year-on-year drop in three
months after being flat in the previous two months. The weak trend was caused by
a rise in the cost of living, with the total CPI minus imputed rents up 0.5% on
year in June, amid slow base wage hikes.
* Base wages, the key to a recovery in cash earnings, rose 0.5% in June
from a year earlier, revised up slightly from a preliminary 0.4% rise. It was
the third consecutive year-on-year rise but the pace of increase was still below
+0.7% in May. Hourly base wages of regular employees working part time were
revised down slightly to +3.0% on year from +3.1% after +2.3% in the previous
month. Base wages for full-time workers rose 0.4% on year, revised up from
+0.2%, but the pace decelerated from +0.5% in May.
* Overtime pay fell 0.1% on year in June, revised up slightly from -0.2%,
after rising 0.3% in May. It was the first year-on-year drop in two months.
Overtime working hours were revised up to +0.7% on year from -0.2% for the sixth
straight year-on-year gain after +1.6% in May.
* Bonuses and other special pay were revised up sharply to a 0.4% increase
from a 1.5% decrease. It was the fifth straight year-on-year rise after +1.3%
the previous month, instead of the first drop in five months as reported
earlier.
* Japanese policymakers have been urging firms to share more profits with
workers but firms remain cautious about raising base wages amid uncertainty over
the outlook for global and domestic demand.
--MNI Tokyo Bureau; tel: +81 90-4670-5309; email: max.sato@marketnews.com
--MNI BEIJING Bureau; +1 202-371-2121; email: john.carter@mni-news.com
[TOPICS: MAJDS$,M$A$$$,M$J$$$]
To read the full story
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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.