Japan’s inflation-adjusted real wages fell the most in eight years in the fiscal 2022 year, government data showed on Tuesday, as the rising cost of living overwhelmed workers’ nominal pay, government data showed on Tuesday.
The labor ministry data underscored the challenge for Prime Minister Fumio Kishida’s government to kick the world’s third largest economy into higher gear through a virtuous cycle of inflation and wage growth.
Nominal wages rose 1.9% in the last fiscal year ended in March, the fastest increase in 31 years, but inflation at 3.8% outpaced those pay gains, resulting in real wages falling 1.8% in fiscal 2022, the data showed.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.
