Wages data from Japan for November

Labor Cash Earnings 0.2% y/y ... in line

  • expected +0.2%, prior 0.1%

Real Cash Earnings -0.2% y/y ... a miss and the first fall since December of 2015

  • expected 0.0%, prior 0.0%

More:

  • overtime pay is -1.3% y/y

That fall in real wages (that is, inflation adjusted) is not a positive sign for private consumption. Japanese authorities want wages to grow to spur spending (PM Abe was on the wires just yesterday urging wage gains:

  • Japanese PM Abe: Will demand that firms raise wages in line with last year

and

  • More on Japan PM Abe: "This is the year when we follow through on work reforms"