Japan Labor cash earnings for February -0.2% y/y (vs. expected -0.6% )

The headline nominal cash earnings fell 0.2% y/y

  •  expected -0.6% y/y, prior -0.8%

  • a decline fo the 11th consecutive month

Real cash earnings rose 0.2% y/y 

  • expected -0.1% y/y, prior -0.1%

  • first rise in a year – largely due to prices in the economy falling

Regular (base) salaries +0.4%

  • 2nd consecutive rise (was +0.2% in January) 

Overtime pay -9.3% y/y, this is a good indicator of business acitivyt and a worrying sign. 

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