MNI 5 THINGS: Japan Jan Wage Growth Slows; Real Still Positive

--Japan Jan Average Wages +1.2% Y/Y, 18th Straight Rise; Dec +1.5% 

--Japan Jan Real Average Wages +1.1% Y/Y; Dec +1.1% 

--Japan Jan Base Wages +0.6% Y/Y, 32nd Straight Rise 

--Japan Jan Overtime Pay -1.0% Y/Y, 2nd Straight Drop 

--Japan Jan Bonuses, Other Special Pay +12.7% Y/Y, Dec +2.4%

     TOKYO (MNI) - Average wage growth in Japan decelerated in January from the

previous month but real wages remained in positive territory, preliminary data

released Friday by the Ministry of Health, Labour and Welfare showed.

     The key points from the Monthly Labour Survey:

     --Total monthly average cash earnings per regular employee in Japan rose

1.2% on year to Y277,001 in January, the 18th straight year-on-year rise

following a 1.5% gain in December.

     --Some sectors, such as 'eating out', are raising wages to ensure

attracting the necessary employees, but others are generally cautious about

raising base wages amid uncertainty over the global and domestic economies.

     --In real terms, average wages rose 1.1% on year in January, the third

straight rise following +1.1% in December. The solid trend in recent months was

due to the drop in the cost of living. The total CPI minus imputed rents rose

0.2% on year in January compared with 0.3% in December.

     --Base wages, the key to a steady recovery in cash earnings, rose 0.6% in

January from a year earlier, the 32nd straight year-on-year rise after rising

0.7% in the previous month. Overtime pay fell 1.0% on year in January, the

second straight y/y drop after falling 1.1% in December.

     --Bonuses and other special pay rose 12.7% from a year ago, the fifth

straight rise following +2.4% in December. This category is seen as a volatile

data series, fluctuating wildly.

--MNI Tokyo Bureau; tel: +81 90-2175-0040; email: hiroshi.inoue@marketnews.com

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com

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