This indicator measures the total nominal cash earnings per regular employee in Japan, including overtime and bonuses. It serves as a key gauge of labor costs and is a significant precursor to consumer spending patterns and overall inflationary pressure. Economists monitor this data closely to assess the strength of the Japanese labor market and its potential to drive sustainable inflation toward the central bank's target.
The data is calculated by the Ministry of Health, Labour and Welfare based on the Monthly Labour Survey. It covers a broad sample of business establishments with five or more employees across various industries.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Sep 7, 2026 | — | 3.50 | — |
| Aug 4, 2026 | 3.40 | 3.40 | 0.00 |
| Jul 6, 2026 | 3.20 | 3.40 | -0.20 |
| Jun 4, 2026 | 3.60 | 3.20 | +0.40 |
| May 7, 2026 | 2.70 | 3.20 | -0.50 |
| Apr 7, 2026 | 3.40 | 2.70 | +0.70 |
| Mar 9, 2026 | 3.00 | 2.50 | +0.50 |
| Feb 8, 2026 | 2.40 | 3.00 | -0.60 |
| Jan 7, 2026 | 0.50 | 2.30 | -1.80 |
| Dec 7, 2025 | 2.60 | 2.20 | +0.40 |
| Nov 5, 2025 | 1.90 | 1.90 | 0.00 |
| Oct 7, 2025 | 1.50 | 2.60 | -1.10 |
| Sep 4, 2025 | 4.10 | 3.00 | +1.10 |
| Aug 5, 2025 | 2.50 | 3.20 | -0.70 |
| Jul 6, 2025 | 1.00 | 2.40 | -1.40 |
| Jun 4, 2025 | 2.30 | 2.60 | -0.30 |
| May 8, 2025 | 2.10 | 2.30 | -0.20 |
| Apr 6, 2025 | 3.10 | 3.10 | 0.00 |
| Mar 9, 2025 | 2.80 | 3.20 | -0.40 |
| Feb 4, 2025 | 4.80 | 3.80 | +1.00 |
| Jan 8, 2025 | 3.00 | 2.70 | +0.30 |
| Dec 5, 2024 | 2.60 | 2.60 | 0.00 |
| Nov 6, 2024 | 2.80 | 2.80 | 0.00 |
| Oct 7, 2024 | 3.00 | 3.10 | -0.10 |
| Sep 4, 2024 | 3.60 | 3.10 | +0.50 |
| Aug 5, 2024 | 4.50 | 2.30 | +2.20 |
| Jul 7, 2024 | 1.90 | 2.10 | -0.20 |
| Jun 4, 2024 | 2.10 | 1.70 | +0.40 |
| May 8, 2024 | 0.60 | 1.50 | -0.90 |
| Apr 7, 2024 | 1.80 | 1.40 | +0.40 |
| Mar 6, 2024 | 2.00 | 0.50 | +1.50 |
| Feb 5, 2024 | 1.00 | 1.30 | -0.30 |
| Jan 9, 2024 | 0.20 | 1.50 | -1.30 |
| Dec 7, 2023 | 1.50 | 1.40 | +0.10 |
| Nov 6, 2023 | 1.20 | 1.00 | +0.20 |
| Oct 5, 2023 | 1.10 | 1.50 | -0.40 |
| Sep 7, 2023 | 1.30 | 2.10 | -0.80 |
| Aug 7, 2023 | 2.30 | 1.60 | +0.70 |
| Jul 6, 2023 | 2.50 | 0.70 | +1.80 |
| Jun 5, 2023 | 1.00 | 0.90 | +0.10 |
| May 8, 2023 | 0.80 | 1.50 | -0.70 |
| Apr 6, 2023 | 1.10 | 0.90 | +0.20 |
| Mar 6, 2023 | 0.80 | 1.90 | -1.10 |
| Feb 6, 2023 | 4.80 | 1.00 | +3.80 |
| Jan 5, 2023 | 0.50 | 1.50 | -1.00 |
| Dec 5, 2022 | 1.80 | 2.20 | -0.40 |
| Nov 7, 2022 | 2.10 | 1.90 | +0.20 |
| Oct 6, 2022 | 1.70 | 1.80 | -0.10 |
| Sep 5, 2022 | 1.80 | 1.90 | -0.10 |
| Aug 4, 2022 | 2.20 | 1.10 | +1.10 |
| Jul 4, 2022 | 1.00 | 1.90 | -0.90 |
| Date | First print | Current | Revision |
|---|---|---|---|
| Jul 6, 2026 | 3.20 | 3.20 | 0 ↓ |
| Jun 4, 2026 | 3.50 | 3.60 | +0.10 ↑ |
| May 7, 2026 | 2.70 | 2.70 | 0 ↓ |
| Apr 7, 2026 | 3.30 | 3.40 | +0.10 ↑ |
