Some analysts look at the evidence behind the April headline numbers, and see a new trend of wage acceleration. Others are more skeptical. We’ve been in the skeptical camp, but prefer to wait a few more months before making a judgment.
While April may have been cruel to Japan in many regards (see Alert of May 29), it was very kind on wage front. Nominal wages per worker were up 0.9% from last April—three times as much as the consensus forecast.