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Weak Japan Wage Results Offer Little For Kishida Or BOJ

Published by: dailynews
Published on:

Japanese workers’ real wages continued to fall in April, even after reflecting some of the gains from a solid win in annual pay negotiations, in a disappointing result for both Prime Minister Fumio Kishida and the Bank of Japan.

Real cash earnings for Japan’s workers dropped 3.0% from a year earlier in April, slipping for the 13th month as overtime pay showed weakness, the labor ministry reported Tuesday. Economists had forecast a 2.0% decrease.

Nominal cash earnings increased 1.0% from the previous year, also weaker than analysts’ expectation of a 1.8% gain, and suggesting the spring wage negotiation results have had limited impact so far. BOJ officials in the past have suggested 3% wage growth is needed for sustainable inflation.

Read the full story on Bloomberg here.