Japan real wages up for sixth straight month in June

TOKYO, Aug 5 (Reuters) - ‌Japan's real ​wages ​grew 1.6% in June from a year before, a sixth consecutive month of ‌increases, government data showed on Wednesday, supporting ⁠the case for more rate hikes by the central ‌bank.

• Average nominal wages, ‌or total cash earnings, rose 3.4% to 531,677 yen ($3,373.6) a month, faster than a revised ​3.3% gain in May.

• The growth in real pay matched May's revised 1.6% gain.

• ⁠Workers' base salaries, or regular pay, increased 3.4%, accelerating from a ​3.0% rise in May. Overtime pay growth in June stood at 2.8%, the ​same rate as in May ‌after a downward revision.

• Special payments, consisting mostly of one-time bonuses that ⁠tend to be volatile, rose 3.5% in June after a revised 7.4% growth for May.

• In its ⁠latest economic forecast released last month, Japan's government projected ​nominal wages to rise 3.1% annually through fiscal 2027 and real wages to keep growing despite persistent inflation.

• ‌The Bank of Japan maintained interest rates at its July policy meeting. Governor ‌Kazuo Ueda mentioned upside risks to prices, ⁠seen as a nod ‌for another rate ​hike as soon as September.

($1 = 157.6000 yen)

(Reporting by Kantaro Komiya; Editing by Edwina ‌Gibbs)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Is the global equity rally broadening? UBS weighs in
• Morgan Stanley course-corrects their semiconductor equipment outlook on demand
• UBS Upgrades Apollo Tyres (APTY:IN) to Buy