Revised data published from Japan on Good Friday showed wage growth has been much weaker in recent months than earlier reported
Capital economics has more:
- The Ministry of Health, Labour and Welfare on Friday revealed adjustments to the figures as far back as early 2012
- The new data show that labour cash earnings only edged up by 0.3% last year instead of the earlier reported 0.7% rise
- Regular earnings now appear to have declined by 0.4% y/y last year
- ... casts doubts on whether the slightly faster base pay hikes agreed upon in this year's Shunto will show up elsewhere... Admittedly, the labour market has continued to tighten over the past year, so wage growth should pick up somewhat going forward
- Anaemic wage growth also implies that the prospects for consumer spending are far from rosy
