Japan's real wages rose 1.5% YoY in August, marking an eighth consecutive monthly increase, the Ministry of Health, Labour and Welfare said, supporting the Bank of Japan's case for further rate hikes after last month's policy-rate increase. The August real-wage gain was below July's revised 2.0% increase. Average nominal wages rose 3.8% YoY in August (July revised 4.3%); base pay +3.8% YoY (unchanged from revised July); overtime pay +5.2% (July revised 4.5%). The MHLW used a 2.2% inflation rate

Japan's real wages rose 1.5% YoY in August, marking an eighth consecutive monthly increase, the Ministry of Health, Labour and Welfare said, supporting the Bank of Japan's case for further rate hikes after last month's policy-rate increase. The August real-wage gain was below July's revised 2.0% increase. Average nominal wages rose 3.8% YoY in August (July revised 4.3%); base pay +3.8% YoY (unchanged from revised July); overtime pay +5.2% (July revised 4.5%). The MHLW used a 2.2% inflation rate to calculate real wages, unchanged from July and below last year's 3.1%. Tokyo's September core CPI rose to a 10-month high last week, reinforcing upward price pressure and the case for additional BOJ tightening.