MNI DATA IMPACT: Japan Jan Wages Up; Real Pay Turns Positive

--Japan Jan Average Wages +1.5% Y/Y; 1st Rise in 2 Months; Dec -0.2% 

--Japan Jan Real Average Wages +0.7% Y/Y; 1st Rise in 4 Mos; Dec -1.1% 

     TOKYO (MNI) - Average Japanese wages rose 1.5% y/y in January after rising

0.2% in December, with real wages turning positive, preliminary data released

Friday by the Ministry of Health, Labour and Welfare showed.

     Here are the key points from the Monthly Labour Survey:

     --Total monthly average cash earnings per regular employee rose 1.5% y/y to

Y276,520 in January, for the first rise in two months following a 0.2% fall in

December.

     --In real terms, average wages rose 0.7% y/y in January, the first rise in

four months and comes after a 1.1% fall in December. Total CPI minus impute

rents rose 0.8% y/y in January, slowing from +0.9% in December.

     --Base wages, the key to a steady recovery in cash earnings, rose 1.4% in

January y/y after rising 0.3% in December.

     --Overtime pay fell 1.8% y/y in January following -2.3% in December. The

decrease was mainly due to a decline in overtime working hours amid slowing

economy. Bonuses and other special pay rose 10.4% y/y in January, for the first

rise in two months following -0.4% in December.

     --The government left its assessment unchanged from the previous month,

saying wages are showing a moderate increase.

--MNI Tokyo Bureau; tel: +81 90-2175-0040; email: hiroshi.inoue@marketnews.com

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com

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