Japan’s real wages increased by 1.4% in May compared to the same period last year, according to government data. This marks the fifth consecutive month of real wage growth in the country.
The average nominal wages, or total cash earnings, rose by 3.2% to 311,165 yen ($1,917.69) in May. However, the growth rate slowed down due to re-accelerating consumer inflation.
Workers’ base salaries climbed 3.0% in May, following a revised 3.3% gain in April. Overtime pay growth in May was 2.9%, down from a revised 4.8% increase in April.
The Bank of Japan has said that steady wage and price increases are a prerequisite for another interest rate hike. The bank raised interest rates to a 31-year high last month.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
