Japan's nominal cash earnings edged down 0.2 percent year-on-year in November 2019, following after being unchanged in the previous month and compared to market expectations of a 0.6 percent gain. Regular pay, which accounts for the bulk of monthly wages, advanced 0.1 percent (vs 0.2 percent in October). On the other hand, one-off special payments fell 3.9 percent (vs -8.5 percent in October), while overtime pay declined 1.9 percent (vs -0.1 percent in October). Real wages fell 0.9 percent, after falling 0.4 percent in the prior month. That was the fastest decline since July due to the impact from a rise in the consumer prices. Wage Growth in Japan averaged 3.21 percent from 1972 until 2019, 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. source: Ministry of Health, Labour and Welfare, Japan

Wage Growth in Japan is expected to be 1.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Wage Growth in Japan to stand at 1.00 in 12 months time. In the long-term, the Japan Total Cash Earnings Growth is projected to trend around 1.60 percent in 2020, according to our econometric models.


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Japan Total Cash Earnings Growth

Actual Previous Highest Lowest Dates Unit Frequency
-0.20 0.00 35.02 -7.10 1972 - 2019 percent Monthly
NSA



Calendar GMT Actual Previous Consensus TEForecast
2019-10-07 11:30 PM Aug -0.2% -1% -0.1% 0.1%
2019-11-07 11:30 PM Sep 0.8% -0.1% 0.4% 0.2%
2019-12-05 11:30 PM Oct 0.5% 0.5% 1.1% 0.9%
2020-01-07 11:30 PM Nov -0.2% 0% 0.6% 0.7%
2020-02-06 11:30 PM Dec -0.2% 0.5%


News Stream
2019-12-05
Japan Total Cash Earnings Grow 0.5% YoY
Japan's nominal cash earnings increased 0.5 percent year-on-year in October 2019, the same as in the previous month and below market expectations of a 1.1 percent rise. Regular pay, which accounts for the bulk of monthly wages, advanced 0.6 percent (vs 0.3 percent in September). On the other hand, one-off special payments fell 4.4 percent (vs +9.1 percent in September), while overtime pay was unchanged after declining 0.2 percent. Real wages edged up 0.1 percent, easing from a 0.2 percent gain in the prior month.

2019-11-08
Japan Cash Earnings Grow at 9-Month High
Japan's nominal cash earnings climbed 0.8 percent year-on-year in September 2019, following a 0.1 percent decline in the previous month. It was the highest growth rate since last December. Regular pay, which accounts for the bulk of monthly wages, advanced 0.5 percent (vs 0.2 percent in August). Meanwhile, one-off special payments rebounded a sharp 14.2 percent (vs -4.8 percent in August), while overtime pay was flattish after two straight months of 0.1 percent growth. Real wages rebounded 0.6 percent, up for the first time since the end of last year.

2019-10-07
Japan Total Cash Earnings Dip in August
Japan's nominal cash earnings fell 0.2 percent year-on-year in August 2019, following an upwardly revised 1.0 percent decline in the previous month and compared to market expectations of a 0.1 percent drop. Regular pay, which accounts for the bulk of monthly wages, advanced for a second month in a row by 0.3 percent (vs 0.1 percent in July). Meanwhile, one-off special payments plummeted 11.4 percent (vs -3.3 percent in July), while overtime pay was 0.9 percent higher (vs 0.1 percent in July). Real wages dropped 0.6 percent, the eighth consecutive month of decline.

2019-09-06
Japan Total Cash Earnings Shrink in July
Japan's nominal cash earnings fell 0.3 percent year-on-year in July 2019, following an unrevised 0.4 percent increase in the previous month. It was the sixth decline in the last seven months. Regular pay, which accounts for the bulk of monthly wages, climbed 0.6 percent (vs -0.1 percent in June), the first month of increase since December. Meanwhile, one-off special payments declined 2.2 percent (vs +1.1 percent), while overtime pay was 0.6 percent higher (vs -1.0 percent). Real wages dropped 0.9 percent, falling for the seventh consecutive month.

2019-08-05
Japan Total Cash Earnings Rebound in June
Japan's nominal cash earnings rebounded 0.4 percent year-on-year in June 2019, following an upwardly revised 0.5 percent fall in the previous month and compared to market expectations of a 0.9 percent drop. It was the first increase in earnings in six months. Regular pay, which accounts for the bulk of monthly wages, edged up 0.1 percent (vs -0.6 percent in May), the first month of increase since December. Meanwhile, one-off special payments climbed 0.9 percent (vs -0.4 percent), while overtime pay was 0.2 percent lower (vs 0.9 percent). Real wages dropped 0.5 percent, the sixth consecutive month of falls.

2019-07-09
Japan Wages Fall for 5th Straight Month
Japan's nominal cash earnings declined 0.2 percent year-on-year in May 2019, following an upwardly revised 0.3 percent fall in the previous month and compared to market expectations of a 0.6 percent drop. It was the fifth consecutive month of decrease in earnings. Regular pay, which accounts for the bulk of monthly wages, dropped 0.6 percent in May (vs -0.1 percent in April), while one-off special payments climbed 2.5 percent (vs -5.3 percent in April). Overtime pay increased 0.8 percent (vs -1.9 percent). Real wages went down 1.0 percent, after a downwardly revised 1.4 percent fall in the previous month.


Japan Total Cash Earnings Growth
In Japan, wage growth refers to changes in average cash earnings, including contractual and special cash earnings, in companies with five or more employees.

Japan Labour Last Previous Highest Lowest Unit
Unemployment Rate 2.20 2.40 5.50 1.00 percent [+]
Employed Persons 67690.00 67580.00 67690.00 38370.00 Thousand [+]
Unemployed Persons 1510.00 1660.00 3680.00 490.00 Thousand [+]
Full Time Employment 22090.00 22226.00 22226.00 19397.00 Thousand [+]
Part Time Employment 7546.00 7383.00 7613.00 1988.00 Thousand [+]
Employment Rate 60.90 61.20 65.40 55.90 percent [+]
Labor Force Participation Rate 62.30 62.60 74.00 58.50 percent [+]
Youth Unemployment Rate 3.80 5.00 10.90 1.60 percent [+]
Productivity 99.50 104.50 117.70 66.80 points [+]
Job Vacancies 920.88 961.60 1026.96 266.29 Thousand [+]
Wages 322356.00 307480.00 883791.00 52914.00 JPY/Month [+]
Wages in Manufacturing 373009.00 338394.00 868487.00 9785.00 JPY/Month [+]
Wage Growth -0.20 0.00 35.02 -7.10 percent [+]
Minimum Wages 901.00 874.00 901.00 663.00 JPY/Hour [+]
Population 126.25 126.71 128.06 83.20 Million [+]
Retirement Age Women 62.00 62.00 62.00 60.00 [+]
Retirement Age Men 62.00 62.00 62.00 60.00 [+]
Jobs To Applications Ratio 1.57 1.57 1.93 0.42 [+]