๐ฏ๐ต๐ Japan Wages Data Watch โ BOJ in Focus
Japanโs Nov 2025 Average Cash Earnings data is out today, with markets looking for a +2.3% YoY increase.
(Previous: +2.6% YoY in Oct)
๐ What matters
Nominal wages are rising, but real wages remain negative
Real earnings fell for the 10th straight month as inflation stays ahead of pay growth
This keeps pressure on the Bank of Japanโs policy outlook
๐๐ Market impact
Weak real wages = limited room for aggressive BOJ tightening
Supports a cautious policy stance
Key driver for JPY direction and regional risk sentiment
๐ก Bottom line: Wage growth is improving on paper, but inflation is still winning โ and the BOJ is watching closely.
ZKP
0.1256
-10.15%