Employment Analysis

Japan’s July 2026 unemployment rate fell to 2.4%. This analysis examines job-market improvement without rising vacancies, real wages, CPI acceleration, and survey gaps.

Japan's unemployment rate fell to 2.4% in July 2026, the lowest level in the past 12 months. Analysis of tightening labor supply and demand.

Japan’s June 2026 unemployment rate fell to 2.5% for the third consecutive month. We analyze labor market conditions using 12-month trends, the BOJ Tankan, and equities.

June 2026 unemployment fell to 2.5% for the third consecutive month. Nominal wages held April’s higher level in May, while slower CPI growth improved real purchasing power.

May 2026 unemployment improved to 2.6%; nominal wage index rose to 116.1 (+1.2pt). Analyze tightening labor market, real wages, consumption links, and implications for BOJ policy normalization.

May 2026 unemployment rate at 2.6%, improving 0.1 percentage point from April; two-month decline from March peak 2.8% suggests labor market stabilization.

Unemployment fell to 2.7% in April 2026, but the nominal wage index was flat at 114.9. Real-wage conditions improved as CPI inflation eased, yet wage momentum slowed.

The MIC-released April 2026 unemployment rate was 2.7%, improving 0.1pt from March. Shows reversal from March peak but remains above the 12-month average.

Unemployment 2.8% in Mar 2026; nominal wage index 114.9 (+0.6% m/m). With easing labor supply-demand and slowing inflation, can the wage–price virtuous cycle persist?

March unemployment rose 0.2 pts to 2.8%, the highest since Apr 2024, signaling easing labour market conditions. Analysis of corporate hiring stance and outlook.

Feb 2026 unemployment 2.6% (unchanged); job-to-applicant ratio 1.18; nominal wage index 113.8. CPI slowdown improves real purchasing power.

Feb 2026 unemployment rate was 2.6%, unchanged from the prior month; ranged 2.4–2.7% over the past 12 months, indicating continued labor market stability.