Japan's real wages in August declined for a 17th month in a row.

This is important as the Bank of Japan has persistently been emphasising that sustainable wage rises is a prerequisite for deciding whether and how to dismantle its ultra-loose monetary stimulus.

Inflation-adjusted real wages, a barometer of consumer purchasing power, fell in August by 2.5% y/y

  • prior -2.7%

Nominal pay growth was +1.1%

  • prior +1.1% also

Special payments -5.4% year-on-year

  • the biggest fall since January 2021
Japan yen notes

More of these but they are not going as far.