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MNI DATA IMPACT: Japan June Wages Dip; Real Pay Negative

Japan June Average Wages -1.7% Y/Y; 3rd Straight Monthly Decline

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(MNI) Tokyo
TOKYO (MNI)

Average Japanese wages fell 1.7% y/y in June, recording a third straight decrease. Real wages also remained in negative territory, preliminary data released Friday by the Ministry of Health,
Labour and Welfare showed.

Total monthly average cash earnings per regular employee fell 1.7% y/y to JPY443,875 in June. In real terms, average wages fell 1.9% y/y in June, a fourth straight drop following a 2.3% decline in May. Total CPI minus impute rents rose 0.1% y/y, after being unchanged in May.

Base wages, seen as a key to a steady recovery in cash earnings, rose 0.6% y/y after being unchanged in May, the data showed.

Overtime pay plunged 24.6% y/y in June following a 26.3% fall in the previous month, as overtime working hours fell 23.9% y/y in June. Bonuses and other special pay fell 2.4% y/y in June, narrowing from May's 10.7% fall.

The government didn't offer a monthly assessment, saying only that working hours fell in the wake of the spread of the coronavirus.

Click for full tables published by Ministry of Health, Labour and Welfare

MNI Tokyo Bureau | +81 90-2175-0040 | hiroshi.inoue@marketnews.com
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MNI Tokyo Bureau | +81 90-2175-0040 | hiroshi.inoue@marketnews.com
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