Japanese workers’ real wages rose in March for a third consecutive month, supporting the Bank of Japan’s case for further interest rate hikes even as the Middle East conflict clouds the economic outlook.
Inflation-adjusted wages increased 1% from a year earlier, slowing from a revised 2% gain in February, the labor ministry reported Friday. While the result fell short of economists’ forecast of 1.8% growth, it marked the first time since 2021 that real wages climbed for three straight months.
Nominal wages grew 2.7%, also shy of consensus. Base pay rose 3.2%, while a similar measure that avoids sampling issues and is monitored by BOJ officials increased 2.6% for full-time workers.
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