Japan’s real wages fell the most in nearly nine years in January, official data showed, as four-decade-high inflation squeezed the purchasing power of consumers and undercut efforts by policymakers to revive a COVID-ravaged economy. | Reuters
“Real wages have probably hit the bottom in January as government subsidies on electricity and gas charges have taken effect in February and base effects of commodity price hikes have run their course,” said Azusa Kato, senior economist at BNP Paribas Securities.
The fall in real wages comes as major Japanese firms including Toyota, Nintendo and Fast Retailing pay heed to policymakers’ calls and union demands by announcing plans for historic pay rises. Total cash earnings, or nominal wages, posted a 0.8- percent year-on-year gain in January, the data showed, much weaker than a revised 4.1 percent growth in December, when strong one-off winter bonuses drove up overall salaries.
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