The basic wages of Japanese workers recorded the largest increase in the last 32 years,

potentially paving the way for the central bank to raise interest rates this month, provided other data confirm a strengthening economic cycle.

The Labor Department reported that base wages rose 2.7% in November from a year earlier, which boosted nominal wages by 3%, slightly above economists’ expectations of 2.7%. A more stable measure of wage growth, which excludes bonuses and overtime and addresses sampling issues, showed wages for full-time workers rose 2.8%, marking 15 straight months at or above 2%.

This consistent wage growth could reignite speculation of a near-term interest rate hike by the Bank of Japan, potentially at this month’s policy meeting. However, recent dovish remarks by Bank of Japan Governor Kazu Ueda after a meeting in December have shifted market expectations towards the possibility of policy adjustments later.