Nominal wages rose 4.6% year on year in September, marking their strongest growth since 1997. Scheduled cash earnings rose 3.7% and earnings for regular workers rose 4.0%, maintaining the August level and potentially supporting the Bank of Japan's rate-hike path.
According to the preliminary Monthly Labour Survey released by the Ministry of Health, Labour and Welfare on the 6th, total cash earnings, equivalent to nominal wages, rose 4.6% year on year.
Scheduled cash earnings, equivalent to base pay, rose 3.7% overall, while earnings for regular workers excluding part-time workers rose 4.0%, maintaining the August level.
The wage growth exceeded the market forecast of a 3.8% increase.
Steady wage growth is expected to increase companies' personnel costs, while it is also seen as a factor supporting the Bank of Japan's rate-hike path.