Japan Sept labor cash earnings +0.8% vs +0.1% y/y expected
Japanese earnings data:
- Prior was -0.1% y/y
- Real cash earnings +0.6% vs -0.4% y/y expected
- Prior real cash earnings -0.5% y/y
- Regular earnings +0.5% y/y vs +0.1% prior
- Overtime hours unchanged vs -2% y/y prior
This is welcome news for the Bank of Japan. They've shifted to a more-dovish stance in the past two weeks but they likely didn't see this coming.
Within the data there was a 14.2% y/y rise in bonus payments and that's a big part of the jump.