Japan’s Labor Market Stays Tight, Supporting Wage Growth

-- Conditions in Japan’s labor market stayed tight in June, a development likely to keep sustained upward pressure on wages as companies compete to hire and retain workers.The unemployment rate edged lower to 2.5% in June from 2.6% a month earlier, the ministry of internal affairs reported Tuesday. Economists had expected the reading to hold steady at 2.6%. The number of workers rose by 370,000, with women leading the gains, while those without jobs increased by 20,000.

The Bank of Japan is looking for evidence that sustained increases in wages will spur a recovery in consumption and kindle demand-led price growth, creating a scenario that would allow authorities to further normalize monetary policy. The central bank will detail its plans for quantitative tightening when the board concludes a two-day meeting on Wednesday. About 30% of surveyed economists say an interest hike is also likely at that time.The BOJ is also expected to update its economic outlook.

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