In Japan, Average Cash Earnings YoY measures the percentage change in average cash earnings, including contractual and special cash earnings, compared with the same period one year earlier. It reflects wage growth in companies with five or more employees and can provide insight into consumer spending potential and overall economic health.
A higher than expected figure should be seen as positive (bullish) for the JPY while a lower than expected figure should be seen as negative (bearish) for the JPY.
Source: Ministry of Health, Labour and Welfare, Japan