According to Jinshi, data released by the Ministry of Health, Labor and Welfare on Monday showed that Japan's basic wages increased by 2.5% year-on-year in May, the fastest growth since 1993. This provides a basis for the Bank of Japan to consider raising interest rates later this month. A more stable indicator for full-time employees (excluding bonuses and overtime pay) increased by a record 2.7% year-on-year, which is a stronger indication of an improvement in the overall wage trend. Earlier, Japan's largest labor union organization said that the average wage increase this year was 5.1%, the largest since 1991. The data released on Monday may strengthen people's confidence in the view that a virtuous cycle of wage and consumption growth is taking shape, resulting in demand-driven inflation. This dynamic will lay the foundation for the Bank of Japan to raise interest rates again after the first rate hike in 17 years in March.