Japan's long-suffering salaried workers, famous for toiling long hours, have found no relief under the Abenomics reflation program, recording two of the three worst years when it comes to their monthly pocket money.
Pocket money, set by wives who are often put in control of the family budget, stands at an average of ¥37,873 per month so far this year, the third-lowest level since the survey started in 1979, according to Shinsei Bank Ltd., a Tokyo-based lender. Last year was the second-lowest monthly amount; the worst year was 1982.
Salaried workers are spending less on lunch as Prime Minister Shinzo Abe's attempts to revive and reinflate the economy are failing to benefit them. It is hard for Japanese men to improve their spending negotiations on the home front with no prospects for solid wage growth, as a strong yen will probably reduce corporate profits, said Koya Miyamae, an economist at SMBC Nikko Securities Inc.