MNI 5 THINGS: Japan Oct Wage Growth Up; Real Remains Negative

--Japan Oct Average Wages +1.5% Y/Y, 15th Straight Rise; Sep +0.8% 

--Japan Oct Real Average Wages -0.1% Y/Y; Sep -0.6% 

--Japan Oct Base Wages +1.3% Y/Y, 19th Straight Rise 

--Japan Oct Overtime Pay +1.9% Y/Y, 12th Straight Rise 

--Japan Oct Bonuses, Other Special Pay +6.8% Y/Y, Sep +8.3%

     TOKYO (MNI) - Average wage growth in Japan accelerated in October from the

previous month, boosted by overtime pay, 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

1.5% on year to Y349,137 in October, posting a 15th straight year-on-year rise

following a 0.8% gain in September.

     --The ministry left its long-held assessment unchanged, saying wages have

been increasing "moderately." Companies are generally cautious about raising

base wages amid uncertainty over global and domestic economic growth. Some

sectors are raising wages to help alleviate labor shortages.

     --In real terms, average wages fell 0.1% on year in October, the third

straight year-on-year drop. The recent weak trend comes on the back of the

rising cost of living. The total CPI minus imputed rents rose 1.7% on year in

October compared with 1.4% in September.

     --Base wages, the key to a steady recovery in cash earnings, rose 1.3% in

October from a year earlier, the 19th straight year-on-year rise after rising

0.7% in the previous month. Overtime pay rose 1.9% on year in October, the 12th

straight y/y rise after rising 0.2% in September.

     --Bonuses and other special pay rose 6.8% from a year ago, the second

straight rise following +8.3% in September. 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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