Indicators
Japan’s Biggest Base Pay Rise in 31 Years Keeps BOJ on Track
- Real wages fell for a second month even as price growth slowed
- Data confirm wage growth momentum largely holding steady
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Japanese workers’ base salaries saw the largest increase in over three decades, supporting the Bank of Japan’s view that the economy remains on the recovery track and backing the case for a rate hike in coming months.
The pace of gains in base pay quickened to 2.6% year on year in September versus a 2.4% clip in August, the labor ministry reported Thursday. The advance was the strongest in over 31 years.