Japan's nominal wages rose by 4.7% year-on-year in July, marking the largest single-month increase since January 1997 and significantly exceeding market expectations. Concurrently, real wages increased by 2.4% year-on-year in July, the largest gain since May 2021.
This robust data further bolsters market expectations for a Bank of Japan (BOJ) interest rate hike this month. Data released by Japan's Ministry of Health, Labour and Welfare on Tuesday showed that nominal wage growth has surpassed 3% for the sixth consecutive month, and base wage growth reached its fastest pace since April 1992.
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Japan's nominal wage growth in July hit a new high since 1997, further supporting the central bank's interest rate hike.
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