Japan's Nominal Wage Growth Decelerates to 3.2% in May

Japan's average nominal wages, or total cash earnings, rose 3.2% year on year to 311,165 yen in May, according to data from the Ministry of Health, Labor and Welfare on Tuesday. The latest print missed the consensus forecast of 3.4% according to Trading Economics, and decelerated from the 3.6% rise in April. Special payments, mainly accounting for one-time bonus payments, jumped 5.2% in May to 15,220 yen. Meanwhile, overtime pay rose 2.9%, softer than the revised 4.8% increase in April.