Japan wages data February: Labor Cash Earnings +0.4% y/y (0.5% expected)

Add this to the 'Don't spend it all at once file'

Real Cash Earnings February, 0.0% y/y

• prior -0.1% y/y
• 'Real' cash earnings are those adjusted for inflation ... they are more or less unchanged ever since October last year

Labor Cash Earnings February, +0.4% y/y, its 5th consecutive monthly rise

• expected +0.5%, prior +0.3% y/y

Regular pay +0.2% y/y, while overtime pay is +0.6% y/y, for its first rise since May of last year

• officials citing the rise as mainly due to more overtime hours worked

As background, the shunto (Spring wage negotiations round) has had most Japanese firms offering the smallest base rate rises in 4 years (more here at Reuters from back in mid-March on this)