Japan's Real Wages Surge by 2.4% in Largest Increase Since May 2021

Japan's real wages saw their largest increase in five years, rising by 2.4% year-over-year in July 2026.

This marks the seventh consecutive month of growth in wage increases and comes as the Bank of Japan (BOJ) considers raising interest rates again at its next policy meeting.

The data from Japan's Ministry of Health, Labour and Welfare shows that average nominal wages rose by 4.7% to ¥436,401 per month, exceeding the 4% increase in June after revisions.