According to the preliminary statistical results released by the Japanese Ministry of Health, Labor and Welfare on the 8th, due to the continued high prices, Japan’s real wage income in June fell by 1.6% year-on-year after deducting the price increase factor, which was the 15th consecutive month of year-on-year decline.
The statistical results show that the per capita nominal cash salary of workers in June was 462,000 yen (1 US dollar equals 143 yen), a year-on-year increase of 2.3%.
Since last year, due to the sharp rise in the price of imported goods and the continuous transfer to the downstream, the level of inflation in Japan has continued to rise. According to data previously released by the Ministry of Internal Affairs and Communications, Japan’s core consumer price index rose by 3.3% year-on-year after excluding fresh food in June, rising year-on-year for 22 consecutive months.
The media and experts here pointed out that although Japan’s nominal wages are currently showing growth momentum, the wage increase is far less than the price increase. The continued decline in real wages will suppress household purchasing power, affect consumption and drag down Japan’s economic recovery.
(Source of article: Xinhua News Agency)
Article source: Xinhua News Agency
Original title: Japan’s real wages have been cut for 15 months
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2023-08-08 22:13:18
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