日本 - 賃金上昇

Japan's nominal cash earnings increased 0.5 percent year-on-year in October 2019, the same as in the previous month and below market expectations of a 1.1 percent rise. Regular pay, which accounts for the bulk of monthly wages, advanced 0.6 percent (vs 0.3 percent in September). On the other hand, one-off special payments fell 4.4 percent (vs +9.1 percent in September), while overtime pay was unchanged after declining 0.2 percent. Real wages edged up 0.1 percent, easing from a 0.2 percent gain in the prior month.

Japan's nominal cash earnings climbed 0.8 percent year-on-year in September 2019, following a 0.1 percent decline in the previous month. It was the highest growth rate since last December. Regular pay, which accounts for the bulk of monthly wages, advanced 0.5 percent (vs 0.2 percent in August). Meanwhile, one-off special payments rebounded a sharp 14.2 percent (vs -4.8 percent in August), while overtime pay was flattish after two straight months of 0.1 percent growth. Real wages rebounded 0.6 percent, up for the first time since the end of last year.

Japan's nominal cash earnings fell 0.2 percent year-on-year in August 2019, following an upwardly revised 1.0 percent decline in the previous month and compared to market expectations of a 0.1 percent drop. Regular pay, which accounts for the bulk of monthly wages, advanced for a second month in a row by 0.3 percent (vs 0.1 percent in July). Meanwhile, one-off special payments plummeted 11.4 percent (vs -3.3 percent in July), while overtime pay was 0.9 percent higher (vs 0.1 percent in July). Real wages dropped 0.6 percent, the eighth consecutive month of decline.

Japan's nominal cash earnings fell 0.3 percent year-on-year in July 2019, following an unrevised 0.4 percent increase in the previous month. It was the sixth decline in the last seven months. Regular pay, which accounts for the bulk of monthly wages, climbed 0.6 percent (vs -0.1 percent in June), the first month of increase since December. Meanwhile, one-off special payments declined 2.2 percent (vs +1.1 percent), while overtime pay was 0.6 percent higher (vs -1.0 percent). Real wages dropped 0.9 percent, falling for the seventh consecutive month.

Japan's nominal cash earnings rebounded 0.4 percent year-on-year in June 2019, following an upwardly revised 0.5 percent fall in the previous month and compared to market expectations of a 0.9 percent drop. It was the first increase in earnings in six months. Regular pay, which accounts for the bulk of monthly wages, edged up 0.1 percent (vs -0.6 percent in May), the first month of increase since December. Meanwhile, one-off special payments climbed 0.9 percent (vs -0.4 percent), while overtime pay was 0.2 percent lower (vs 0.9 percent). Real wages dropped 0.5 percent, the sixth consecutive month of falls.

Japan's nominal cash earnings declined 0.2 percent year-on-year in May 2019, following an upwardly revised 0.3 percent fall in the previous month and compared to market expectations of a 0.6 percent drop. It was the fifth consecutive month of decrease in earnings. Regular pay, which accounts for the bulk of monthly wages, dropped 0.6 percent in May (vs -0.1 percent in April), while one-off special payments climbed 2.5 percent (vs -5.3 percent in April). Overtime pay increased 0.8 percent (vs -1.9 percent). Real wages went down 1.0 percent, after a downwardly revised 1.4 percent fall in the previous month.