Indicators
Japan Wages Grow Most Since 1997, Helping BOJ Rate Path and Yen
- Jump in bonuses drive pay growth, real wages also increase
- Data lift the yen, which leads gains among G-10 currencies
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Japanese nominal wages rose at the fastest pace in nearly three decades, supporting the Bank of Japan’s latest rate hike decision and keeping it on track for further tightening steps.
Nominal cash earnings for workers climbed 4.8% in December from a year earlier, up from a revised 3.9% gain in November, the labor ministry said Wednesday. The reading exceeded economists’ consensus forecast and marked the largest jump since 1997. The strong gain was driven by a jump in bonuses.