Japan's real wages in August declined for a 17th month in a row.
This is important as the Bank of Japan has persistently been emphasising that sustainable wage rises is a prerequisite for deciding whether and how to dismantle its ultra-loose monetary stimulus.
Inflation-adjusted real wages, a barometer of consumer purchasing power, fell in August by 2.5% y/y
- prior -2.7%
Nominal pay growth was +1.1%
- prior +1.1% also
Special payments -5.4% year-on-year
- the biggest fall since January 2021
More of these but they are not going as far.
