Japanese workers’ real wages have fallen by the most in eight years, suggesting that there’s still a long way to go before the central bank can achieve its wage-growth accompanied price goal.
Real cash earnings for Japan’s workers dropped 3.8% from a year earlier in November, declining for the eighth straight month, the labor ministry reported Friday. Economists had predicted a 2.8% slump.
The decline was led by a sharp drop in bonus payments, as the gain in basic salaries remained relatively stable.