News roundup, Thursday October 1: Wages, Tankan, Nikkei, Disney, auto sales and more

October 1, 2009
By Ken Worsley

According to a report released yesterday by the Ministry of Health, Labour and Welfare, average wages at Japanese firms with five or more workers fell 3.1% in August, to 273,360 yen. August was the fifteenth straight month of decline in wages, and overtime pay dropped 13.4% to 16,259 yen. The industry with the highest average pay was “electricity, gas, heat supply and water,” at 452,968 yen, while workers in the food services industry came in lowest, with an average of 129,169 yen.

In a separate report released by the Ministry of Economy, Trade and Industry, it was announced that retail sales fell 1.8% in August, showing a decline for the twelfth month in a row.

There was good news for car dealers, however, as the Japan Automobile Dealers Association announced that new domestic car sales rose 3.5% in September to 327,737 units. Although sales rose for the second month in a row, total sales for the April-September half-year fell 9.4% to 1,398,139 units.

Oriental Land announced that 12.3 million people visited Tokyo Disney Land and Tokyo Disney Sea in the April to September period, which was down 6% from last year.

The Nikkei 225 average closed fell 1.53% to 9,978.64, closing below the 10,000 line for the first time in over two months.

The Bank of Japan’s quarterly Tankan survey showed an increase in business sentiment for the second consecutive release. Many firms, however, remain negative about their plans for increasing capital outlay. More on this story to come.

Filed Under Automotive, Business, Economic Reports