Bouncing Off Trend Low


Opens Gap With Recent Highs


Breaks Through Channel Base


Attention Remains On The Bear Channel Top


Approaching Key Support


Pulls Back From Key Resistance

MNI (Beijing)
--Sep Average Wage +1.1% Y/y, 14th Month of Increase; Aug +0.8% 
--Sep Real Average Wage -0.4% Y/Y; Aug -0.7% 
--Sep Base Wage +0.8% Y/Y, 18th Straight Rise 
--Sep Overtime Pay +0.4% Y/Y, 11th Increase
--Sep Bonuses, Other Special Pay +13.3% Y/y, Aug -8.2%
     TOKYO (MNI) - The average wage growth in Japan accelerated in September
from the previous month due to larger bonuses and other special pay, according
to preliminary data released Wednesday by the Ministry of Health, Labour and
     The key points from the Monthly Labour Survey are:
     --Total monthly average cash earnings per regular employee rose 1.1% on
year to Y270,256, the 14th straight yearly gain after 0.8% in August and 1.6% in
     --The ministry left its long-held assessment unchanged, repeating wages
have been increasing "moderately." Companies are generally cautious about
raising base wages amid uncertainty over economic prospect. Some sectors are
raising wages to help alleviate labor shortages.
     --Adjusted for inflation, the real average wage fell 0.4% on year in
September, following 0.7% drop in August. The recent weak trend comes on the
back of the rising cost of living. The total CPI minus imputed rent rose 1.4% on
year in September after +1.5% in August.
     --Base wage, the key to a steady recovery in cash earnings, rose 0.8% in
September from a year earlier, the 18th month of gain following  1.4% in August.
Overtime pay rose 0.4% on year, the 11th month of gain after August's 1.3%.
     --Bonuses and other special pay rose 13.2% from a year ago following -8.2%
in August and +2.8% in July. This category is seen as a volatile data series
with wide fluctuations.
--MNI Tokyo Bureau; tel: +81 90-2175-0040; email:
--MNI Beijing Bureau; +86 10 8532 5998; email:
[TOPICS: MAJDS$,M$A$$$,M$J$$$]