January wages data from Japan:

  • Cash earnings +2% y/y (expected +1.3%, prior +0.8%)
  • But inflation-adjusted (real) wages -0.6% y/y (expected -1.5%, prior -2.0%)

If there is good news here its that the fall in real wages is the slowest in 13 months.

Traders and Bank of Japan are awaiting the result of the Spring Wages negotiation round expected from AMrch 13.

The latest info shows slow progress:

Japan industrial production