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Japan's Nominal Wage Growth Accelerates to 29-Year High in July

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Japan's average nominal wages, or total cash earnings, rose 4.7% year on year to 436,401 yen in July, according to data from the Ministry of Health, Labor and Welfare on Tuesday.

The latest print surpassed the consensus forecast of 3.9%, according to Trading Economics, and accelerated from the 4.0% rise in June.

It marked the sharpest pace of growth since January 1997, according to Trading Economics.

Special payments, mainly accounting for one-time bonus payments, jumped 6.3% in July to 134,819 yen.

Meanwhile, overtime pay rose 3.1%, softer than the revised 3.4% increase in June.

In real terms, wages rose 2.4% year over year, the fastest pace of increase since May 2021.

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