摩根斯丹利-日本宏观经济-月度劳工市场调查报告-20170804-morganstanley-monthlylaborsurvey(jun,prelim)：bewareofbumpybonuses.pdfVIP

August 4, 2017 06:22 AM GMT MORGAN STANLEY MUFG SECURITIES CO., LTD. Japan Economics Japan Economics Shoki Omori RESEARCH ASSOCIATE Shoki.Omori@ +81 3 6836-5466 Monthly Labor Survey (Jun, Takeshi Yamaguchi ECONOMIST Prelim): Beware of Bumpy Takeshi.Yamaguchi@ +81 3 6836-5404 Bonuses Exhibit 1: Nominal Total Cash Earnings (YoY, %) 3.0 Scheduled (Cont., %pt) Non-Scheduled (Cont., %pt) Special (Cont., %pt) Headline earnings fell for the first time in three months due to Total C