Japanese Average Cash Earnings

+1% y/y

  • expected 1.5%, prior 1.7%

Overtime Pay +5.5% y/y

  • prior 5.9%

After inflation wages wages fell 1.8% y/y

  • expected -1.6%, prior -1.7%

Bank of Japan Governor Kuroda has repeated, over and over, that he needs to see wages increase it help inflation rise in a stable manner. A 1.8% real wage decline does not meet this criteria.