CM – Japan’s real wages in November fall for the third month as inflation hits stagnant nominal wages

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FILE PHOTO: Pedestrians cross a street in a Tokyo business district February 20, 2013. REUTERS / Toru Hanai

TOKYO: Japan’s real wages fell a third month in November as inflation surpassed stagnant nominal wages, according to government data The data came days after Japanese Prime Minister Fumio Kishida urged corporate lobbies and unions to work together to raise workers’ wages in order to achieve the cycle of economic growth and wealth distribution he had promised Winning parliamentary elections in October.

The real wages adjusted for inflation, an important measure of household purchasing power, fell by 1.6 percent in November compared to the previous year, the Ministry of Labor announced on Friday (January 7th). </ The decline was faster than a 0.7 percent decline in October and marked the sharpest decline since December 2020.

Japan’s consumption rinflation has accelerated due to rising energy and food prices. The Core Consumer Price Index (CPI), a measure closely watched by the Bank of Japan, rose faster in November than it had in nearly two years.

The CPI number the Department of Labor uses to calculate real wages – another one Base year, which includes fresh grocery prices but excludes owners’ equivalent rent – up 1.7 percent in November, data showed.

Meanwhile, overall nominal cash earnings stagnated in November, with a change of 0.0 percent compared to the previous year, which according to the data broke through an eight-month growth phase and followed an increase of 0.2 percent in October.

The slowdown in nominal wages is due to the increasing proportion of part-time workers who receive lower wages, said a health department official. Part-time workers made up 31.87 percent of all workers in November, the highest since February 2019, he said.

The regular or base salary – the main component of total cash earnings that determines wage growth – rose 0.3 in November Percent, after a 0.2 percent decline in October.

Overtime pay, a barometer of the strength of business activity, rose 2.7 percent year-over-year in November, the eighth consecutive month since it was in The previous month had been corrected upwards by 2.3 percent.

The special payments, which mainly consist of volatile single premiums, fell by 7.9 percent in November compared to the previous year, as the data showed.

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