Real Wage y/y is calculated as the ratio of the Nominal Wage Index to the Consumer Price Index, and thus it reflects the amount of goods and services which can be purchased for the nominal wage, i.e. it reflects the real purchasing power of the nominal wage. The index shows a percentage change in the real wage in the current month compared to the same month a year ago.
For the indicator calculation, nominal wage data is collected from the Monthly Labor Survey conducted by the Ministry of Health, Labor and Welfare among companies with 5 or more employees.
Against an inflationary increase, real wages can drop even if nominal wages grow. A decrease in the index value indicates a decrease in the purchasing power of the population. Reduced consumption, in turn, is seen as a negative factor for the national economy. Therefore, the index decrease can negatively affect the Japanese yen quotes, while the index growth is seen as positive for the national currency.
The chart of the entire available history of the "Japan Real Wage y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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