— Japan June Avg Base Wages Revised -0.6% Y/Y Vs -0.2%
— Japan June Overtime Pay Revised +5.1% Y/Y Vs +4.1%
— Japan June Special Pay Revised -0.8% Y/Y Vs -1.5%

TOKYO (MNI) – The total average monthly cash earnings per regular
employee in Japan posted the second straight monthly fall in June, down
a revised 0.4 (preliminary -0.6%) at Y433,312 after -1.1% in May and
+0.2% in April, preliminary data from the Ministry of Health, Labour and
Welfare released on Friday showed.

As reported in the preliminary data released last month, the
decline in base wages as well as bonuses and other one-off pay more than
offset a continued rise in overtime pay in June.

Average “base wages” — the key indicator for a recovery in
employee earnings — fell 0.6% on year in June, revised down sharply
from a preliminary 0.2 drop and posting the first fall in two months
after no change in May and -0.2% in April.

Bonuses and other special pay fell an upwardly revised 0.8% y/y
(initially -1.5%), posting the second straight monthly fall, after
-35.5% in May and +2.1% in April.

By contrast, overtime pay posted a ninth straight gain, up a
revised 5.1% (preliminary +4.1%) on year in June, after +6.9% in May.

Overtime hours worked in the manufacturing sector rose a revised
6.1% in June, revised up from the initial reading of +5.3% and posting
the 13th consecutive monthly gain after +12.8% in May.

Compared to the previous month, overtime hours worked at
manufacturers rose a revised 0.3% (preliminary -0.5%) on a seasonally
adjusted basis, now showing the first month-on-month rise in four months
after -3.1% in May.

Total overtime hours worked for all industries rose an unrevised
1.2% on year in June, the 10th straight rise after +5.6% in May.

Total hours worked fell an unrevised 0.5% y/y in June, posting the
first drop in 11 months.

The number of regular workers rose a revised 0.9% y/y (preliminary
+0.8%) in June after +0.9% in May, maintaining year-over-year growth for
over six years since March 2006.

Regular employees are workers on permanent payrolls as well as
those with part-time status.

tokyo@marketnews.com
** MNI Tokyo Newsroom: 81-3-5403-4437 **

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