Wage growth?

Labor Cash Earnings +0.9 % y/y

  • expected +0.5% y/y, prior -0.6%
  • Biggest jump since July of 2016

Well, that looks good, until you see this .... Real Cash Earnings +0.1% y/y

  • expected 0.1%, prior -1.1%, revised from -0.8%
  • So, down 1.1% in July then up 0.1% in August and the first rise in real wages since December of 2016... ain't that just peachy? (no, its not)

The Bank of Japan and the Japanese government want to see wages growth (to boost consumption spending and inflation). As do workers. But there isn't too much of it.

More:

  • overtime pay +1.5% y/y (for its second consecutive rise)
  • base wages up 0.4% y/y (5th consecutive rise)

--

A little later, still to come:

0110 GMT Bank of Japan Japanese Government Bond buying

  • 5 -10, 10 -25, and 25+ years