Japan wages data forNovember - real wages fell in November for a third month

November Inflation-adjusted real wages comes in at -1.6% y/y

• prior -0.7% in October
• biggest decline since December 2020

Nominal total cash earnings 0.0% change y/y

• prior + 0.2% gain in October

Inflation data from Tokyo was out at the same time:

• Japan data -December Tokyo headline CPI 0.8% y/y (expected 0.7%)