Japanese workers’ real wages rose for a second consecutive month in July, keeping the central bank on track for another potential rate hike later this year.
Real cash earnings for workers climbed 0.4% in July from a year earlier, the labor ministry reported Thursday. While the pace of gains slowed from the previous month’s increase, the result beat the consensus call for a 0.6% decline and followed the first advance in 27 months in June. Nominal wages grew 3.6%, also outpacing the consensus estimate.
The yen strengthened to as strong as ¥143.19 against the dollar following the data release, taking gains to as much as 0.4% for the day.
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