Nominal wages rose 4.7% YoY in July, up from a revised 4.0% in June and above economists' 3.8% forecast — the largest increase since 1997. It was the sixth consecutive month above 3%, the longest streak in 34 years. Real wages excluding rent climbed 2.4% YoY, the biggest gain in nearly five years. Base pay increased 4.1%, while full-time employees' real pay excluding bonuses, overtime and sampling bias rose 2.7%. The stronger-than-expected data reinforce market expectations that the BANK OF JAPA

Nominal wages rose 4.7% YoY in July, up from a revised 4.0% in June and above economists' 3.8% forecast — the largest increase since 1997. It was the sixth consecutive month above 3%, the longest streak in 34 years. Real wages excluding rent climbed 2.4% YoY, the biggest gain in nearly five years. Base pay increased 4.1%, while full-time employees' real pay excluding bonuses, overtime and sampling bias rose 2.7%. The stronger-than-expected data reinforce market expectations that the BANK OF JAPAN may raise rates this month; markets have largely priced in a hike at next week's policy meeting and some investors expect further tightening in relatively short order.