Japan data - August Labor Cash earnings 1.7% y/y (expected 2.5%)

Japan August Labor Cash earnings +1.7% y/y

• expected 2.5%, prior 1.8%

Overtime pay +4.3% y/y

Real wages (this is wages adjusted for inflation), falls 1.7% y/y

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A miss on headline wage gains and in inflation adjusted terms its another fall.