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REPEAT: Japan June Wages Down on Lower Bonuses, Overtime Pay 

--Repeating Story Published at 0904 JST Friday (2004 ET Thursday)
--Japan June Avg Wages -0.4% Y/Y, 1st Drop in 13 Months
--Japan June Real Avg Wages -0.8% Y/Y; 1st Drop in 3 Months
--Japan June Base Wages +0.4% Y/Y, 3rd Straight Rise
--Japan June Overtime Pay -0.2% Y/Y, 1st Drop in 2 Months
--Japan June Special Pay -1.5% Y/Y, 1st Drop in 5 Months
     TOKYO (MNI) - Preliminary average wage data from the Monthly Labour Survey
released by the Ministry of Health, Labour and Welfare on Friday.
     * Total monthly average cash earnings per regular employee in Japan fell
0.4% on year to Y429,686 in June, posting the first year-on-year drop in 13
months after rising 0.6% in May, hit by a decline in summer bonuses and
continued weak overtime pay. But bonuses and other special pay as well as
overtime pay may be revised up when data from more surveyed firms are added
later. 
     * In real terms, average wages slumped 0.8% on year, the first drop in
three months after being flat in the previous two months. The weak trend was
caused by a rise in the cost of living, with the total CPI minus imputed rents
up 0.5% on year in June, amid slow base wage hikes.
     * Base wages, the key to a recovery in cash earnings, rose 0.4% in June
from a year earlier, the third consecutive year-on-year rise, but the pace of
increase slowed from +0.7% in May. Hourly base wages of regular employees
working part time gained 3.1% on year after +2.3% in the previous month while
base wages for full-time workers rose just 0.2% on year after +0.5% in May.
     * Overtime pay fell 0.2% on year in June after rising 0.3% in May, the
first drop in three months. Overtime working hours dipped 0.2% on year for the
first drop in six months after +1.6% in May.
     * Bonuses and other special pay fell 1.5% from a year before. It was the
first drop in five months after +1.3% the previous month.
     * Japanese policymakers have been urging firms to share more profits with
workers but firms remain cautious about raising base wages amid uncertainty over
the outlook for global and domestic demand.
--MNI Tokyo Bureau; tel: +81 90-4670-5309; email: max.sato@marketnews.com
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