Japanese wages data for November 2024
Total cash earnings +3.0% y/y
- expected +2.7%, prior +2.2%
Overtime pay +1.6% y/y
- prior +0.7%
Base salary, or regular pay, rose 2.7% in November
- fastest increase since 1992
As noted in the headline, inflation-adjusted real
wages fell in November, down 0.3%
- prior -0.4%
- for the fourth straight month