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More Japanese expecting lower incomes in one year

JIJI

More people expect incomes to drop a year from now than they did three months ago, a Bank of Japan survey said Thursday.

In the December survey, 37.8 percent said they expect incomes to drop compared with 36.0 percent three months before. The results underscore the public’s deep-rooted pessimism about incomes, although many large companies are moving to raise salaries.

In the survey, 15.9 percent of the respondents said economic conditions will improve after a year, down from 16.2 percent in the September survey, but 29.9 percent said conditions will worsen, up from 25.8 percent.

The results suggest that expectations for Prime Minister Shinzo Abe’s “Abenomics” program are losing steam.

The survey said that 80.9 percent expect prices to rise, either nominally or substantially, after a year.

The BOJ surveyed 4,000 people 20 or older between Nov. 8 and Dec. 4 and drew valid responses from 56.0 percent.