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Japan Real Wages Fall Most In Over 8 Years On Inflationary Pressures


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Japan’s total real wages fell at the fastest pace in over eight years in December amid soaring inflation, a report from the Ministry of Health, Labor, and Welfare showed Friday.

Real wages declined 3.8 percent year-over-year in December, after a 2.9 percent drop a month earlier. This was the eighth successive monthly fall.

The plunge in real wages at the end of the year was attributed to the rising inflation facing the economy. The latest data showed that Japan’s consumer price inflation rose to above a 40-year high in December.

The inflation was above the Bank of Japan’s target range of 2.0 percent, and the policymakers are currently in a challenging position?since they expect wage growth to boost demand and price growth.

Data also showed that total earnings increased 0.5 percent year-over-year in November following a revised 1.4 percent rise in October.?

Further, the latest increase in total cash earnings was the slowest since the current sequence of growth began in January.

Contractual gross earnings also grew 1.8 percent annually in November, while special cash earnings fell sharply by 19.2 percent.

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