Bank of Japan Gov. Haruhiko Kuroda is getting a 0.9 percent pay rise for the fiscal year ending in March, leaving him ahead of his U.S. Federal Reserve counterpart, Janet Yellen, but behind Mario Draghi of the European Central Bank.
The BOJ chief’s annual income will rise to ¥35 million ($309,000), following a 0.4 percent gain in the previous 12 months, according to a statement released by the central bank in Tokyo on Friday. Yellen made $199,700 last year and Draghi earned €386,000 ($409,000). Thomas Jordan of the Swiss National Bank received 876,500 Swiss francs ($865,000).
Kuroda’s increase highlights the frugality of salary hikes in Japan and contrasts with the governor’s calls for companies to increase wages more aggressively to help revitalize the economy.
Some economists see 3 percent income growth as necessary to push inflation to the BOJ’s 2 percent target. Core consumer prices fell 0.4 percent in October, according to data released Friday.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.