Japan's Nominal Wages Climb 3.4% in June

Japanese nominal wages continued their upward trend in June, posting a 3.4% increase from the same period last year. This marks the fifth consecutive month of wage growth exceeding 3%, the longest such streak since 1992.

The labor ministry's report follows a revised 3.3% gain in May and matches the median estimate of economists polled by Bloomberg.

The robust corporate earnings and tight labor market are likely contributing to this sustained wage growth, bolstering the case for another interest rate hike by the Bank of Japan in coming months.