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MNI DATA IMPACT: Japan Sep Wages Down; Real Pay Negative

--Japan Sep Average Wages -0.9% Y/Y; 6th Straight Drop

--Japan Sep Real Average Wages -1.1% Y/Y; 7th Straight Drop

MNI (Sydney)
TOKYO (MNI)

Average Japanese wages fell 0.9% y/y in September, recording a sixth straight drop following a 1.3% decline in August. Real wages also remained in negative territory, according to preliminary data released Friday by the Ministry of Health, Labour and Welfare.

Total monthly average cash earnings per regular employee fell 0.9% y/y to JPY269,503 in September.

In real terms, average wages fell 1.1% y/y in September, a seventh straight drop following a 1.4% decline in August. Total CPI minus impute rents was unchanged in September, slowing from +0.2% in August.

Base wages, the key to a steady recovery in cash earnings, rose 0.2% y/y after falling 0.3% in August, for the first rise in two months.

Overtime pay plunged 12.0% y/y in September following a 13.5% fall previously.

The fall was mainly due to a drop in overtime working hours (-12.5% y/y in September vs. -14.1% in August) amid weak economic activity in service businesses impacted by the pandemic impact.

Bonuses and other special pay fell 8.9% y/y in September for the fifth straight drop following August's 1.1% fall.

MNI Sydney Bureau | +61-405-322-399 | lachlan.colquhoun.ext@marketnews.com
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MNI Sydney Bureau | +61-405-322-399 | lachlan.colquhoun.ext@marketnews.com
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