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Japan Wage Growth Slows, Backing BOJ Ultra-Easy Policy Case
Growth in Japanese workers’ wages unexpectedly slowed in June, indicating the labor market may be losing some steam and clouding prospects for the Bank of Japan’s sustainable inflation goal. Nominal cash earnings for workers rose 2.3% from the previous year, decelerating from a revised 2.9% clip in the previous month, the labor ministry said Tuesday. The result missed the consensus estimate of 3% growth. The decline in real cash earnings deepened as they fell 1.6% from a year earlier. Economists were expecting a 0.9% decline, the same as in May. The weak wage results represent a setback for the BOJ, where ... (full story)