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Japan data – Labor Cash Earnings (August): +0.9 % y/y (vs. expected +0.5%)

Wage growth?
Labor Cash Earnings +0.9 % y/y
– expected +0.5% y/y, prior -0.6%
– Biggest jump since July of 2016
Well, that looks good, until you see this …. Real Cash Earnings +0.1% y/y