Japan’s nominal wages rose 4.7% year-on-year in July, accelerating from a revised 4% in June and marking the fastest increase since 1997. The figure topped economists’ forecast of 3.8% and extended wage growth above 3% for a sixth straight month, the longest such run in 34 years. Inflation-adjusted real wages excluding rent increased 2.4%, the strongest gain in nearly five years. Base wages rose 4.1%, while a stable measure of real wages for full-time employees excluding bonuses, overtime pay and sampling bias climbed 2.7%. The stronger data reinforced market expectations that the Bank of Japan may raise rates at next week’s central bank meeting, with some investors anticipating additional tightening after a relatively short interval.