December 1, 2022

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Japan wages data for May, nominal +1.9% y/y, real +2.0% y/y

1 min read

That jump in real wages is the biggest monthly rise in nearly three years

  • overtime pay surged, +20.7% y/y, but comparison with 2020 shows a substantial base effect when wages dropped this time last year

Nominal total cash earnings rose 1.9% in May y/y, biggest growth since June 2018 but still below the same level of May 2019 which is a better (not pandemic impacted) comparison. 

Base salary rose for the fifth straight month.

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