Japan's Real Wages Rise for Sixth Straight Month, Boosting Case for BoJ Rate Hikes

Japan's real wages rose for a sixth consecutive month in June, according to government data released on Wednesday. This sustained growth adds weight to the argument that the Bank of Japan should continue to normalize its policy by raising interest rates.

The inflation-adjusted real wages grew 1.6% year-over-year, matching May's revised gain and extending a run of gains that has now lasted half a year.

Average nominal wages rose 3.4% year-over-year to around 531,700 yen a month, roughly $3,374, coming in line with economists' expectations and faster than the revised 3.2% gain in May.