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UK GDP Down in Q1 Amid Lockdown


Bullish Price Sequence


(M1) Needle Still Points North


(N1) Price Structure Remains Bullish


Bearish Focus


Corrective Pullback

--Japan Dec Average Wages 0.0% Y/Y; Nov +0.1% 
--Japan Dec Real Average Wages -0.9% Y/Y; 3rd Straight Drop; Nov -0.6% 
--Japan Dec Base Wages +0.4% Y/Y, Nov 0.0% 
--Japan Dec Overtime Pay -2.6% Y/Y, 4th Straight Drop; Nov -2.0% 
--Japan Dec Bonuses, Other Special Pay +0.2% Y/Y, Nov +3.6%
     TOKYO (MNI) - Average Japanese wages were unchanged y/y in December after
rising 0.1% in November while real wages remained in negative territory,
according to preliminary data released Friday by the Ministry of Health, Labour
and Welfare.
     Here are the key points from the Monthly Labour Survey:
     --Total monthly average cash earnings per regular employee were unchanged
from a year earlier at Y565,779 in December, following +0.1% in November and
0.0% in October.
     --In real terms, average wages fell 0.9% y/y in December, the third
straight drop following a 0.6% fall in November. Total CPI minus impute rents
rose 0.9% y/y in December, accelerating from +0.6% in November.
     --Base wages, the key to a steady recovery in cash earnings, rose 0.4% in
December from a year earlier after being unchanged in November.
     --Overtime pay fell 2.6% from a year earlier in December following -2.0% in
November. The drop was mainly caused by the decline in overtime working hours
amid weak overseas demand. Bonuses and other special pay rose 0.2% y/y in
December, for the second straight rise following +3.6% in November.
     --The government left its assessment unchanged from the previous month,
saying that wages are showing a moderate increase.
--MNI Tokyo Bureau; tel: +81 90-2175-0040; email:
--MNI Sydney Bureau; +61 405322399; email: