Wages data from Japan, for September 2021.

Inflation-adjusted real wages fell 0.6% y/y in September

  • first decline in three months
  • prior was +0.1% in August

The labour ministry said the decline in Sepo was due to rising inflation, the ministry uses a different CPI measure to that used by the BOJ. The ministry's CPI gauge was +0.9% year-on-year in September (fastest since December 2019)

Nominal total cash earnings +0.2% y/y in September

  • up for the seventh straight month
  • prior + 0.6%