Japan: Monthly Labor Survey for May 2026

Research evidence excerpt

Japan: Monthly Labor Survey for May 2026

Nomura | Japan: Monthly Labor Survey for May 2026 7 July 2026

Fig. 1: Breakdown of y-y contributions to total cash earnings Fig. 2: Factor analysis for real wages

(nominal per-capita wages)

Note: Nominal wages are per capita wages. Inflation is CPI inflation (all items less

Note: 2024 figures calculated using 2023 reference values released by MHLW. imputed rents on owner-occupied housing).

Source: Nomura, based on Ministry of Health, Labour, and Welfare data Source: Nomura, based on Ministry of Health, Labour, and Welfare data

Fig. 3: Full-time workers' scheduled cash earnings Fig. 4: Average hourly wage for part-time workers

Note: The same-business series covers businesses that were included both in the

Note: Same-business series covers businesses that were included both in survey for survey for the month in question and the same month one year earlier. It should be kept

month in question and in survey for same month one year earlier. It is important to note in mind that while the same-business data series does not include the impact of sample

that, while same-business series data series does not include impact of sample replacement, the sample size is smaller.

changes, its sample size is smaller. Source: Nomura, based on Ministry of Health, Labour, and Welfare data

Source: Nomura, based on Ministry of Health, Labour, and Welfare data

Fig. 5: Seasonally adjusted full-time workers' scheduled cash Fig. 6: Scheduled cash earnings and scheduled working hours

earnings

Note: (1) Data is for full-time workers. (2) Using the gap between the y-y change in each

Note: Data seasonally adjusted by Nomura. month and the y-y change in the corresponding year as a whole, the impact of sample

replacement and annual wage increases is excluded.