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JAPAN: Total monthly average cash earnings per regular employee in Japan rose

0.9% on year in November, posting the fourth straight y/y rise after +0.2% in

October, but real wages remained weak. In real terms, average wages edged up

0.1% on year, marking the first y/y  rise in 11 months after sliding 0.1% in the

previous three months. Real wages last posted a year-on-year rise (+0.1%) in

December 2016. The weak trend was caused by the recent increase in the cost of

living, with the total CPI minus imputed rents up 0.7% on year in November.

-  Base wages, the key to a recovery in cash earnings, rose 0.4% annually in,

the 8th straight y/y rise after +0.3% in Oct. Hourly base wages of regular

employees working part time gained 1.5% on year after +2.1% previously while

base wages for full-time workers rose just 0.1%.

- 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.

- Data has had no effect on price action, market remains sceptical this rise

will translate to price increases.