JAPAN DATA: The total nominal average monthly cash earnings per
regular employee in Japan rose a revised 1.4% (preliminary +1.3%)
year-over-year to Y367,987 in July, posting the fifth straight y/y gain
and confirming a gradual wage recovery after sharp cuts, data from the
Ministry of Health, Labor and Welfare showed. The overall wage level was
pushed up by overtime and summer bonuses in both July and June, when it
rose a sharp 1.8%. Bonuses and other special pay rose a revised 3.8%
(preliminary +3.5%) in July from a year before, slowing from +4.1% in
June but up sharply from a 12.9% plunge in July 2009.
— July Average Base Wage Unrevised -0.3% Y/Y; June -0.2%
— Average Base Wage Posts 23rd Y/Y Drop In Row
— July Real Average Wage Rev +2.4% Y/Y Vs +2.3%; June +2.7%
— Real Average Wage Posts 7th Straight Y/Y Rise
— July Regular Jobs Revised +0.5% Y/Y, 6th Rise In Row