MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

RPT-MNI INTERVIEW: ISM Choppiness Not A Clear Signal For Worry

RPT-MNI INTERVIEW2: Europe Must Boost Growth-ECB's Kazaks

MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: UK JUNE CONSTRUCTION PMI 52.2 (FCST: 54.0); MAY 54.7

MNI: EUROZONE JUNE CONSTRUCTION PMI 41.8; MAY 42.9

Softer CPI Inflation In June

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Real Wages Growth Still Comfortably Negative In Y/Y Terms

JAPAN DATA

Japan September labor earnings were close to expectations. The nominal outcome at 1.2%, as forecast, and a modest step up from the revised 0.8% pace recorded in August. We are well down from earlier 2023 highs, but displaying more of a modest trend in recent months.

  • Bonus payments were still a drag (-6.0%y/y). While contracted and regular earnings were similar to August outcomes.
  • In real terms, wages remain comfortably in negative territory at -2.4% y/y, a slight improvement on August's -2.8% outcome.
  • Wages are a key focus point in terms of the BoJ outlook and driving sustainable inflation gains, but also politically. PM Kishida's approval rating has been hit amid cost of living pressures. Note it was reported late yesterday by Nikkei that the government will meet with labor groups and businesses later this month to discuss continued wage increases (see this BBG link).
  • Household spending was also close to expectations at -2.8% y/y (-2.9% forecast). We are up from recent lows near -5 y/y, but trend improvement is not yet evident.
HomepageBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.