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Japan's Nominal Wage Growth Accelerates to 3.4% in June

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Japan's average nominal wages, or total cash earnings, rose 3.4% year over year to 531,677 yen in June, according to data from the Ministry of Health, Labor and Welfare on Wednesday.

The latest print was in line with the consensus forecast of 3.4%, according to Trading Economics, and accelerated from the upwardly revised 3.3% rise in May.

This is the first time in over 34 years that wages have increased by 3% or more for five consecutive months, the ministry said.

Special payments, mainly accounting for one-time bonus payments, jumped 3.5% in June to 232,445 yen.

Meanwhile, overtime pay rose 2.8%, the same rate ​as in May.

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