AI Data Insight
According to the latest data, Japan's wage index for May 2026 (Q2) stood at 97.7, a slight decline from the previous value of 98.1. However, the nominal wage year-over-year (YoY) growth rate reached 3.2%, exceeding the 3% level for the fourth consecutive month. Benefiting from the effects of the Shunto (spring wage offensive) pay raises, real wages also achieved positive growth for the fifth consecutive month. Looking ahead, whether wage growth can continue to resist the depreciation of the yen and imported inflation will be a key observation indicator for the Bank of Japan's future interest rate hike path.