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Japan JPY

Japan Overtime Pay YoY

Impact:
Low

Latest Release:

Date:
Surprise:
-3.2%
Actual:
-1.1%
Forecast: 2.1%
Previous/Revision:
2.4%
Period: Mar

Next Release:

Date:
Forecast: 0.2%
Period: Apr
What Does It Measure?
Japan's Overtime Pay Year-over-Year (YoY) measures the annual percentage change in total overtime wages paid to employees, reflecting labor market conditions and overall economic activity. It focuses primarily on income earned through overtime work, which can indicate trends in employment levels and worker demand in the Japanese economy.
Frequency
This indicator is typically released monthly, with data often published around the second week of the following month, reflecting the previous month's figures.
Why Do Traders Care?
Overtime pay data is essential for understanding labor market strength and wage pressures, which can influence inflation expectations and monetary policy. Higher overtime pay signals robust economic activity, potentially supporting the Japanese Yen and equities, while lower figures may indicate economic slowdowns detrimental to market sentiment.
What Is It Derived From?
The data is derived from surveys conducted by the Ministry of Health, Labor and Welfare, which collects information from a wide range of employers across various sectors regarding the total hours worked and wages paid for overtime. This information is compiled into a comprehensive report that reflects overall trends in overtime compensation.
Description
Preliminary data may be released shortly after the collection period; however, it is subject to revision as more accurate information becomes available, leading to a final report that provides a clearer picture of wage trends. Overtime Pay YoY is reported using the Year-over-Year (YoY) method to account for seasonal variations and establish long-term trends in labor costs.
Additional Notes
This indicator serves as a coincident measure of economic health, indicating the current status of labor costs and worker demand. In the context of broader economic data, it can be compared to employment rates and wage growth, signaling underlying trends in consumer spending and inflation.

Legend

High Potential Impact
This event has a strong potential to move markets significantly. If the 'Actual' value differs enough from the forecast or if the 'Previous' value is significantly revised, it signals new information that markets may rapidly adjust to.

Medium Potential Impact
This event may cause moderate market movement, especially if the 'Actual' deviates from the forecast or there's a notable revision to the 'Previous' value.

Low Potential Impact
This event is unlikely to affect market pricing unless there's an unexpected surprise or a major revision to prior data.

Surprise - Currency May Strengthen
Actual deviated from Forecast on a medium or high impact event and historically could strengthen the currency.

Surprise - Currency May Weaken
Actual deviated from Forcast on a medium or high impact event and historically could weaken the currency.

Big Surprise - Currency More Likely To Strengthen
'Actual' deviated from 'Forecast' more than 75% of historical deviations on a medium or high impact event and may likely strengthen the currency.

Big Surprise - Currency More Likely To Weaken
'Actual' deviated from 'Forecast' more than 75% of historical deviations on a medium or high impact event and may likely weaken the currency

Green Number Better than forecast for the currency (or previous revise better)
Red Number Worse than forecast for the currency (or previous revise better)
Hawkish Supports higher interest rates to fight inflation, strengthening the currency but weighing on stocks.
Dovish Favors lower rates to boost growth, weakening the currency but lifting stocks.
Date Time Actual Forecast Previous Surprise
-1.1%
2.1%
2.4%
-3.2%
2.2%
0.4%
3.1%
1.8%
3.1%
1.5%
0.8%
1.6%
1.3%
1.7%
1.4%
-0.4%
1.6%
1.6%
0.7%
1.4%
-0.2%
-0.9%
1.6%
-0.4%
3%
1.7%
-3.4%
2.6%
-2.5%
-0.2%
5.1%
-0.1%
1.1%
0.9%
-1.2%
1.3%
1.8%
0.9%
-0.5%
2.3%
-0.3%
-1.2%
2.6%
-0.6%
-0.9%
-0.5%
0.3%
-1.5%
-0.6%
-1.6%
-0.9%
-1%
0.4%
0.4%
-0.7%
-0.7%
0.9%
0.9%
-0.1%
-0.1%
-0.5%
0.7%
0.2%
1%
0%
0.5%
2%
1.9%
-1.5%
2.3%
0.5%
0.4%
-0.7%
-0.3%
1.4%
1.2%
-1.7%
1.1%
1.2%
1.7%
2%
0.5%
-0.3%
1.1%
3%
3%
5.2%
5.2%
7.9%
7.9%
6.7%
6.7%
4.3%
4.3%
4.7%
4.7%
5.8%
5.8%
5.5%
5.5%
5.9%
5.9%
2.5%
2.5%
5.8%
5.8%
4.4%
4.4%
5.2%
4.8%
2.9%
2.7%
2.3%