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Free AccessMNI BRIEF: Japan Sep Wages Rise; Real Pay Falls For 6th Month
Real wages remained in negative territory for a six consecutive month in September amid high inflation, according to data released Tuesday by the Ministry of Health, Labour and Welfare.
Average wages rose 1.3% y/y in September after rising 1.5% in August, with total monthly average cash earnings per regular employee increasing 2.1% y/y in September compared to 1.7% y/y growth in August.
However, real - or inflation adjusted - average wages posted a sixth straight drop, falling 1.3% y/y in September (vs. a 1.7% decline in August), indicating that households continued to be weighed down by rising living costs caused by high energy and food prices. Total CPI minus imputed rents rose 3.5% y/y in September after rising 3.5% in August.
The weak real wages data indicated that households, especially low-income ones, are being hit more by the rise in food and durable goods prices caused by the rising resource prices and the yen’s fall. (See MNI BRIEF: BOJ Minutes Show Upside Inflation Concerns)
Despite the hit to real purchasing power weak, the Bank of Japan maintains its view of a moderate recovery built on pent-up demand.
BOJ officials said wage rises are necessary to achieve price rises in a sustainable and stable manner, and they are focused on annual wage hikes next spring. (See MNI POLICY: BOJ Studies Inflation Risks; Wages In Focus)
Overtime pay rose 6.7% y/y in September, accelerating from a 4.1% increase in August, and bonuses and other special pay rose 20.3% y/y in September following August’s 3.4% increase.
Real average household spending rose 2.3% y/y in September for the fourth straight rise following a 5.1% rise the prior month, data released by the Ministry of Internal Affairs and Communications on Tuesday showed.
In monthly terms, real average household spending rose 1.8% in September, for the first rise in three months following a 1.7% decline in August.
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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.