Japan data: April total cash earnings +2.1% y/y (real wages -0.7%)

Wages data from Japan for April 2024:

Labour Cash Earnings +2.1% y/y

• expected +1.8%,
  prior +1.0%

Real Cash Earnings
(i.e. after inflation) -0.7% y/y

• expected -0.9%,
  prior -2.1%

Regular pay, says the stats people, is +2.3% y/y (overtime -0.6%), its quickest rise since October of 1994.

The Bank of Japan and the administration there more widely, are looking for rising wages to drive inflation higher (deamdn oull inflation).

USD/JPY update:

This article was written by Eamonn Sheridan at www.forexlive.com.