June 29, 2022

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0.2% y/y (vs. expected -0.2%)

1 min read

Japan wages data for March … beats.  Wages up for a 2nd month running. 

Labor cash earnings  0.2% y/y
Real cash earnings 0.5% y/y

  • expected 0.0% y/y, prior 0.1%
  • Inflation-adjusted real wages are a key measure of households’ purchasing power

March and February wages data were promising, up for those two months. April may be more difficult with the new states of emergency in Tokyo and some other areas. These are currently in place and look set to be extended further. 

More:

Regular, base salary, which makes up most of total cash earnings

  • up for the third consecutive month, +0.8% (Feb. was +0.2%)

Overtime pay (a key indicator of strength in corporate activity)

  • -6.2% in March (was -3.2% also in February)
  • down for the 19th straight month.

Currency response is basically zero, yen barely altered, circa 109.07. 

Japan wages data for March ... beats.  Wages up for a 2nd month running. 

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