Japan’s real wages declined for a ninth consecutive month in September as inflation-adjusted earnings fell -1.4% yoy, following a revised -1.7% drop in August, extending a contraction streak that began in January.
Nominal wages rose 1.9% yoy, slightly below expectations of 2.0% and well short of the 3.4% increase in consumer prices, which accelerated for the first time since April.
While regular pay rose 1.9% yoy, matching August’s pace, and overtime pay ticked up to 0.6% yoy, these gains were insufficient to offset higher living costs. Special payments, largely seasonal bonuses, rose 4.5% after a -7.8% fall in August, offering some temporary relief.
