Via MNI, revisions to July wages data, which comes from the Ministry of Health, Labour and Welfare:

  • Japan July Total Average Wages Revised +0.9% y/y (vs +0.6%), this the first rise in 2 Months
  • Japan July Real Average Wages Rev +0.5% y/y (vs. +0.3%), the first rise in over 2 Years
  • Japan July Average Base Wages Rev +0.4% y/y (vs. +0.6%) 5th consecutive rise
  • Japan July Overtime Pay Rev +0.7% y/y (vs +0.6%) the first rise in 5 months
  • Japan July Bonuses, Special Pay Rev +0.7% y/y (vs +0.3%), for the first rise in 2 month

Wage growth is a key goal of the Japanese government and the Bank of Japan, it'll boost household spending, consumption, and contrivute to economic recovery there. I don't imagine they'll be popping champagne corks at the BOJ on this data, but it a positive.

For the yen, its also a positive input to the extent it diminishes the potential for more easing.