Japanese workers’ nominal pay rose at the fastest clip in seven months in July, with real wages increasing for the first time this year, supporting the case for the Bank of Japan to consider a rate hike in the months ahead.
Nominal wages increased 4.1% in July from a year earlier, accelerating from a revised 3.1% gain in June, the labor ministry reported Friday. The figure outpaced economists’ forecast of 3% growth and marked the steepest increase since December. Real cash earnings also advanced for the first time in seven months, rising 0.5% and beating the consensus estimate of a 0.6% decline.
Base salaries rose 2.5%, and a more stable measure, which avoids sampling issues and excludes bonuses and overtime, climbed 2.4% for regular workers.
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