Japanese real wages rose for the first time in nine months thanks to robust temporary bonuses, but uncertainty remains on whether pay hikes will continue to sustain Japan's economic recovery.
Separate data showed household spending falling for a second month in December, as rising prices offset otherwise robust private consumption fueled by the country's reopening from the COVID-19 pandemic.
"Real wages would have likely fallen again in January. ... Rising prices have clearly curbed shopping activities since November, and the overall consumption stays lukewarm," said Takeshi Minami, chief economist at Norinchukin Research Institute.
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