Labour Cash Earnings in Japan

Ministerio de Salud, Trabajo y Bienestar de Japon · Monthly · Importance 2

3.4% (Jun-26) YOY · % · Mensual · CSV

About this indicator

Source	Ministry of Health, Labour and Welfare (MHLW)
Frequency	Monthly
Release	Alrededor de cinco semanas despues del mes de referencia (preliminar); el definitivo, unas dos semanas mas tarde (08:30 JST)
What it is	Measures the year-on-year change in total cash earnings per worker in Japan (regular pay, overtime and bonuses) at establishments with five or more employees. It is the benchmark gauge of Japanese wage growth, compiled by the Ministry of Health, Labour and Welfare (MHLW).
How it's calculated	Drawn from the Monthly Labour Survey (Maitsuki Kinrō Tōkei) of a sample of establishments. It is expressed as a wage index (2020=100) and its year-on-year change, in both nominal and real (inflation-adjusted) terms.
Market implications	Wage growth is pivotal for consumption and for the Bank of Japan: a sustained rise in pay underpins domestic inflation and expectations of rate hikes. A strong reading tends to support the yen and Japanese bond yields.
Limitations	Subject to revisions (preliminary versus final) and to sample changes that create breaks in the series. The headline nominal figure does not strip out inflation, so during high-price periods real earnings can fall even as nominal pay rises.