TOKYO, Aug 5 (Reuters) – Japan’s real wages grew 1.6% in June from a year before, a sixth consecutive month of increases, government data showed on Wednesday, supporting the case for more rate hikes by the central bank.
• Average nominal wages, or total cash earnings, rose 3.4% to 531,677 yen ($3,373.6) a month, faster than a revised 3.3% gain in May.
• The growth in real pay matched May’s revised 1.6% gain.
• Workers’ base salaries, or regular pay, increased 3.4%, accelerating from a 3.0% rise in May. Overtime pay growth in June stood at 2.8%, the same rate as in May after a downward revision.
• Special payments, consisting mostly of one-time bonuses that tend to be volatile, rose 3.5% in June after a revised 7.4% growth for May.
• In its latest economic forecast released last month, Japan’s government projected nominal wages to rise 3.1% annually through fiscal 2027 and real wages to keep growing despite persistent inflation.
• The Bank of Japan maintained interest rates at its July policy meeting. Governor Kazuo Ueda mentioned upside risks to prices, seen as a nod for another rate hike as soon as September.
($1 = 157.6000 yen)
(Reporting by Kantaro Komiya; Editing by Edwina Gibbs)