Japan Labor cash earnings for February -0.2% y/y (vs. expected -0.6% )

The headline nominal cash earnings fell 0.2% y/y

• expected -0.6% y/y, prior -0.8%

• a decline fo the 11th consecutive month

Real cash earnings rose 0.2% y/y

• expected -0.1% y/y, prior -0.1%

• first rise in a year - largely due to prices in the economy falling

Regular (base) salaries +0.4%

• 2nd consecutive rise (was +0.2% in January)

Overtime pay -9.3% y/y, this is a good indicator of business acitivyt and a worrying sign.