Japan's wage growth slowed in September for the second straight month as government data showed in a worrying sign of high gasoline prices and cost of living, which in turn weighed on consumer purchasing power. The Labor Department data showed real wage growth fell by 0.4% while the previous reading was revised down to a 0.7% decline.
It should be noted that the recent data may be of concern to the Bank of Japan, which depends on the pace of wage growth to promote inflation growth to 2% after five consecutive years of expansionary monetary policies.
On the other hand, cash profits rose by 1.1% YoY, while the previous reading was revised to 0.8% in August and overtime wage increased by 0.4% YoY against the previous revised reading to 1.3%.
