AI Data Insight

Japan's latest July (Q3 2026) wage index saw a seasonal pullback to 137.1 from the June summer bonus peak of 167.0, but overall YoY growth momentum remains significant. Driven by the materialization of "Shunto" wage negotiations and a structural labor shortage, July nominal wages recorded the largest YoY increase since 1997, and real wages posted positive growth for the seventh consecutive month. The robust wage growth provides strong data support for the Bank of Japan (BOJ) to hike interest rates in September.

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