Wages data Japan for August 2024.
Total cash earnings +3.0% y/y
- expected +3.1%, prior +3.6%
Inflation adjusted real wages -0.6% y/y, falling after 2 months of gains due to bonuses
Overtime pay +2.6% y/y
Disappointing data on wages on balance and not as yen positive as it could be, at the margin (BOJ wants higher wagers to drive inflation. Sustained wage growth is what the Bank of Japan wants in order to to raise interest rates again after its first hike in 17 years in March and follow-up hike in July.)
