Base salaries for regular workers in Japan rose by a record figure, a further indication of progress toward a positive economic cycle that will support market speculation of a near-term rate hike by the central bank.
Base pay for full-time workers increased by 2.8% in October from a year ago, the biggest gain for comparable data back to 1994, the labor ministry reported Friday. Real cash earnings remained unchanged, avoiding a decline for the first time in three months and beating economist estimates of a decrease.
Growth in nominal wages for all workers accelerated to 2.6% from 2.5% the previous month, matching estimates. A more stable measure of wage trends that avoids sampling problems and excludes bonuses and overtime showed wages for full-time workers increased by 2.8%.
