Daily Market Notes
July Printed 4.7%. It Is Now 4.3%, and Three Records Were Built on the Old Number.
Yesterday we published Japan's eighth straight real-wage gain. The same release restated five July fields: nominal cash earnings 4.7% to 4.3%, real wages 2.4% to 2.0%, regular pay 4.1% to 3.8%, special payments 6.3% to 5.3% - and overtime 3.1% UP to 4.5%. Three superlatives - fastest since January 1997, biggest since May 2021, fastest since April 1992 - were attached to numbers that no longer exist, and the second-month slowdown everyone is discussing is 44.4% smaller measured from the restated base. August beat consensus by a tenth, and the December Bank of Japan reading now spans 71 to 90 per cent depending on the feed.