Average cash earnings in Japan increased by 2.3% year-on-year in June 2023, slowing from a 2.9% growth in May but exceeding market expectations of 1.6%. Nominal wages in the country also improved for the eighteenth consecutive month amid rising salaries for high-income workers and a broadening labor crunch. Still, Japan’s nominal wage growth lagged behind the 3.3% consumer inflation rate in June, leading to the fifteenth straight month of decline in inflation-adjusted real wages. The following industries contributed the most to the wage rise: real estate & goods rental & leasing (27.5%), mining & quarrying of stone & gravel (17.2%) and transport & postal activities (12.9%). source: Ministry of Health, Labour and Welfare, Japan

Wage Growth in Japan averaged 3.03 percent from 1972 until 2023, reaching an all time high of 35.02 percent in July of 1974 and a record low of -7.10 percent in June of 2009. This page provides - Japan Wage Growth- actual values, historical data, forecast, chart, statistics, economic calendar and news. Japan Average Cash Earnings YoY - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Wage Growth in Japan is expected to be 1.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Japan Average Cash Earnings YoY is projected to trend around 1.10 percent in 2024 and 1.60 percent in 2025, according to our econometric models.

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Japan Average Cash Earnings YoY



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-07-06 11:30 PM May 2.5% 0.8% 0.7% 1.1%
2023-08-07 11:30 PM Jun 2.3% 2.9% 1.6% 1.9%
2023-09-07 11:30 PM Jul 2.3% 2.1%


Related Last Previous Unit Reference
Part Time Employment 7315.00 7235.00 Thousand Jun 2023
Full Time Employment 22342.00 22409.00 Thousand Jun 2023
Job Vacancies 849.01 873.36 Thousand Jun 2023
Wages 580898.00 327254.00 JPY/Month Jun 2023
Wage Growth 2.30 2.90 percent Jun 2023
Wages in Manufacturing 602223.00 353154.00 JPY/Month Jun 2023
Minimum Wages 961.00 930.00 JPY/Hour Oct 2022
Retirement Age Women 64.00 64.00 Years Dec 2023
Retirement Age Men 64.00 64.00 Years Dec 2023
Real Earnings Including Bonuses -1.58 -0.94 Percent Jun 2023
Jobs To Applications Ratio 1.29 1.30 Jul 2023

Japan Average Cash Earnings YoY
In Japan, wage growth refers to changes in average cash earnings, including contractual and special cash earnings, in companies with five or more employees.
Actual Previous Highest Lowest Dates Unit Frequency
2.30 2.90 35.02 -7.10 1972 - 2023 percent Monthly
NSA

News Stream
Japan Nominal Wage Rises 2.3% in June
Average cash earnings in Japan increased by 2.3% year-on-year in June 2023, slowing from a 2.9% growth in May but exceeding market expectations of 1.6%. Nominal wages in the country also improved for the eighteenth consecutive month amid rising salaries for high-income workers and a broadening labor crunch. Still, Japan’s nominal wage growth lagged behind the 3.3% consumer inflation rate in June, leading to the fifteenth straight month of decline in inflation-adjusted real wages. The following industries contributed the most to the wage rise: real estate & goods rental & leasing (27.5%), mining & quarrying of stone & gravel (17.2%) and transport & postal activities (12.9%).
2023-08-08
Japan Nominal Wage Jumps 2.5% in May
Average cash earnings in Japan jumped by 2.5% year-on-year in May 2023, accelerating from a 0.8% growth in April and defying expectations for a slower 0.7% gain. Nominal wages in the country also improved for the seventeenth consecutive month as major companies lifted pay at the fastest pace in three decades following increased worker demands, reflecting the effects of the spring labor negotiations of “shunto.” Still, Japan’s nominal wage growth lagged behind the 3.2% consumer inflation rate in May, leading to another decline in inflation-adjusted real wages. The following industries contributed the most to the wage rise: finance & insurance (19.6%), compound services (16.8%), and services, not elsewhere classified (5.1%).
2023-07-06
Japan Nominal Wage Growth Eases in April
Average cash earnings in Japan rose by 1% year-on-year in April 2023, slowing from an upwardly revised 1.3% growth logged in March and lagging behind the 3.5% consumer inflation rate in April. Still, nominal wages in the country improved for the sixteenth consecutive period as major companies lifted pay at the fastest pace in three decades following increased worker demands. The latest wage data also reflected the effects of the spring labor negotiations of “shunto.” The following industries contributed the most to the wage rise: real estate & goods rental & leasing (14.3%), compound services (7.4%), and transport & postal activities (6.5%). Meanwhile, inflation-adjusted real wages fell by 3% in April, marking the thirteenth month of year-on-year declines as nominal pay growth lags behind consumer inflation.
2023-06-06