Japanese workers¡¯ real wages have increased for a fourth month, marking the longest stretch of gains in four years and bolstering the case for the Bank of Japan to raise interest rates this month.
Inflation-adjusted wages rose 1.9% from a year earlier, accelerating from a revised 1.4% gain in the previous month, the labor ministry reported Friday. The result exceeded economists¡¯ forecasts of 1.7% growth and extended the run of increases to the longest since late 2021.
Nominal wages gained 3.5%, also beating the consensus estimate of 3.1%. Base pay rose 3.4%, while a similar measure that avoids sampling issues and is monitored by BOJ officials increased 2.6% for full-time workers, with both pointing to solid underlying momentum.
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