Labour Cash Earnings in Japan

Ministry of Health, Labour and Welfare (MHLW) · Monthly · Importance

3.8% (Aug-26) YOY · % · Monthly · CSV

Period	%
Aug 2026	3.8%
Jul 2026	4.3%
Jun 2026	4.0%
May 2026	3.3%
Apr 2026	3.6%
Mar 2026	3.1%
Feb 2026	3.4%
Jan 2026	2.5%
Dec 2025	2.4%
Nov 2025	1.7%
Oct 2025	2.5%
Sep 2025	2.1%
Aug 2025	1.3%
Jul 2025	3.4%

Period	%
Aug 2026	3.9%
Jul 2026	3.8%
Jun 2026	3.4%
May 2026	3.0%
Apr 2026	3.4%
Mar 2026	3.3%
Feb 2026	3.3%
Jan 2026	2.9%
Dec 2025	2.0%
Nov 2025	1.9%
Oct 2025	2.5%
Sep 2025	2.0%
Aug 2025	1.8%
Jul 2025	2.1%

About this indicator

Source

Ministry of Health, Labour and Welfare (MHLW)

Frequency

Monthly

Release

About five weeks after the reference month (preliminary); the final figure some two weeks later (08:30 JST)

What it is

Measures the year-on-year change in total cash earnings per worker in Japan (regular pay, overtime and bonuses) at establishments with five or more employees. It is the benchmark gauge of Japanese wage growth, compiled by the Ministry of Health, Labour and Welfare (MHLW).

How it's calculated

Drawn from the Monthly Labour Survey (Maitsuki Kinrō Tōkei) of a sample of establishments. It is expressed as a wage index (2020=100) and its year-on-year change, in both nominal and real (inflation-adjusted) terms.

Market implications

Wage growth is pivotal for consumption and for the Bank of Japan: a sustained rise in pay underpins domestic inflation and expectations of rate hikes. A strong reading tends to support the yen and Japanese bond yields.

Limitations

Subject to revisions (preliminary versus final) and to sample changes that create breaks in the series. The headline nominal figure does not strip out inflation, so during high-price periods real earnings can fall even as nominal pay rises.