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MNI DATA BRIEF: Japan June Real Pay Slips, Base Pay Up


Base wages seen as key to price recovery posted a sixth-straight gain.

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Real wages in Japan turned in negative territory, down 0.4% in June, for the first drop in five months following +2.0% in May, preliminary data released Friday by the Ministry of Health, Labour and Welfare showed.

Base wages, the key to a steady recovery in cash earnings, rose 0.3% y/y in June after rising 0.7% in May, for the sixth straight rise. Average wages rose 0.3% y/y in June, also a sixth straight rise following +0.7% in May.

Total monthly average cash earnings per regular employee fell 0.1% y/y to JPY442,148 in June, for the first drop in four months following +1.9% in May. Overtime pay surged 18.3% y/y in June but slowing from +19.9% previously and due to the base effect of comparing the rate with the previous year, when the overtime pay fell sharply amid the pandemic.