Japanese wages unexpectedly up 2.6% from a year ago in July (data here: Japan – July Labor Cash Earnings: +2.6% (vs. expected +0.9%)

  • Climbed by their most since 1997,
  • Should be a boost for consumer confidence and household spending
  • Details of the report are slightly less encouraging than the headline, but still optimistic:
  • Regular earnings grew 0.7% y/y (June was +0.2%) for the most since March 2000
  • Wages for overtime hours rose 1.9% (3.9% in June)

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