Japan November wages data shows another deep fall

<p>While nominal cash wages rose 0.2% y/y the real wage data is awful, down 3.0% y/y</p><p>more to come</p><p>Labour Cash Earnings +0.2% y/y</p><ul><li>expected +1.5%, prior +1.5%</li></ul><p>Overtime Pay + 0.9% y/y</p><ul><li>prior -0.1%</li></ul><p>Inflation adjusted, i.e. real, wages -3.0% y/y</p><p>***</p><p>The Bank of Japan have repeatedly told us that they want to see wages rise inorder to boost household's purchasing power, and thus demand, and thus demand-pull inflation. They are waiting for the Spring wage negotiations to provide that boost to wages. </p><p>USD/JPY up a little on the data, just a spread or two though:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.