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Japan's wage data is likely to remain strong for the time being due to base year effects, but the Bank of Japan will not change its assessment as bank officials don't see the base year effects as a change in the underlying trend, MNI understands.
Average wages rose 0.2% y/y in March, recording the first rise in 12 months following a 0.4% decline in February. Real wages remained in positive territory, up 0.5% in March, accelerating from +0.1% in February, according to preliminary data released Friday by the Ministry of Health, Labour and Welfare.
In real terms, average wages rose 0.5% y/y in March, the second straight rise following a 0.1% rise in February.Base wages, the key to a steady recovery in cash earnings and key reference data for BOJ officials, rose 1.0% y/y after rising 0.2% in February, the seventh straight rise. Bank officials are analyzing the unexpectedly strong rise.