Japanese wage growth remained firm in June on the back of solid corporate earnings and a tight labor market, bolstering the case for another Bank of Japan interest rate hike in coming months.

Nominal wages climbed 3.4% in June from a year earlier, following a revised 3.3% increase in May, the labor ministry reported Wednesday. The reading matched the median estimate in a Bloomberg survey of economists and extended the run of gains exceeding 3% to five months, the longest such streak in 34 years.

Base pay also advanced 3.4%, while a more stable measure — which strips out bonuses and overtime and sampling distortions — rose 2.9% for full-time workers. Real wages gained 1.7%, marking a sixth straight month of gains, the longest streak since 2021.