Japan wages rise y/y, but inflation adjusted wages continue to fall

Japan wages rise y/y, but inflation adjusted wages continue to fall

• Japan Labour Market Data – June 2025

Japan Labour Market Data – June

• Nominal Cash Earnings (y/y): +2.5%
  (vs. +3.1% expected; prior +1.0%; revised prior +1.4%)

• Real Cash Earnings (y/y): –1.3% ... this is the sixth straight month of decline
  (vs. –0.7% expected; prior –2.9%; unrevised)

• Cash Earnings – Same Sample Base (y/y): +3.0%
  (vs. +3.5% expected; prior +2.3%; revised prior +2.1%)

• Scheduled Full-Time Pay – Same Base (y/y): +2.3%
  (vs. +2.5% expected; prior +2.4%)

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"Same Sample Base" or "Same Base" refers to wage data collected from the same set of firms over time, excluding newly added or removed companies. This gives a clearer view of underlying wage trends, filtering out distortions from changes in the survey sample. It helps show whether wages are truly rising at the same workplaces.