Nominal wages in Japan rose 2.6% year-on-year in October 2024, marking the slowest growth since May, in line with market expectations.
In contrast, inflation-adjusted real wages—a key measure of consumer purchasing power—held steady compared with October 2023. That was an improvement from a 0.4% decline in September and a 0.8% decline in August.
The stability in real wages has strengthened expectations of an interest rate hike by the Bank of Japan this month, although market sentiment remains divided over whether the next hike will come in December or January. BOJ Governor Kazuo Ueda indicated last week that a rate hike was imminent, as the economy grew in line with forecasts.
However, BOJ board member Toyoaki Nakamura suggested on Thursday that he might oppose a December rate hike. Additionally, overtime wages—a key indicator of corporate health—recovered in October, growing 1.4% after a 0.9% decline the previous month.
Source: Trading Economics
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