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MNI DATA IMPACT: Japan March Wages Up; Real Pay Positive

--Japan Mar Average Wages +0.2% Y/Y; 1st Rise in 12 Months

--Japan Mar Real Average Wages +0.5% Y/Y; 2nd Straight Rise

MNI (Sydney)

Average wages in Japan rose 0.2% y/y in March, recording the first rise in 12 months following a 0.4% drop in February. Real wages remained in positive territory, up 0.5% in March, according to preliminary data released Friday by the Ministry of Health, Labour and Welfare.

Total monthly average cash earnings per regular employee rose 0.2% y/y to JPY282,164 in March.

In real terms, average wages rose 0.5% y/y in March, the second straight rise following a 0.1% rise in February. Total CPI minus impute rents fell 0.2% y/y in March after falling 0.5% in February.

Base wages, the key to a steady recovery in cash earnings, rose 0.8% y/y after rising 0.2% in February, for the third straight rise.

Overtime pay fell 6.2% y/y in March, slowing from -9.1% previously.

The smaller drop was mainly due to a small drop in overtime working hours (-1.9% y/y in March vs. -9.7% in February) amid recovering economic activities in manufacturing.

Bonuses and other special pay fell 0.3% y/y in March, for the first drop in two months following February's 2.8% rise.

MNI Sydney Bureau | +61-405-322-399 |
MNI Sydney Bureau | +61-405-322-399 |

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