Japan wages data for September: Labor Cash Earnings +1.1% y/y (expected +1.1%)

Labor Cash Earnings in as expected at +1.1% y/y

• expected +1.1%, prior +0.8%

Real cash earnings -0.4% y/y for a miss

• expected -0.3%, prior -0.7%

The 'real' wage figure is after inflation. As we all know, inflation in japan is low, but with real wages negative that shows how slow wage growth is. This is not a positive for consumer spending.