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Japan September price-adjusted wages dive for the fourth straight month
In September, Japanese wages went down 0.1% from 2016 after adjustment for inflation, sliding for the fourth straight month. It drops a hint that consumer inflation could take a hit as wages didn’t manage to keep pace with ascending prices.
The sag, announced by the labor ministry on Tuesday, emerged notwithstanding persistent calls by the authorities for companies to stimulate salaries to assist to drive economic activity.
Wage earners' nominal cash earnings inched up 0.9% versus the same month of 2016, accelerating from August’s 0.7% surge and marking the fastest ascend since July last year.
Tepid wage surge appears to be a thorn in the side of the major financial institution that has been claiming that the tightest job market in four decades is going to spur wages, thus causing greater consumer spending and helping to meet its inflation objective of 2%.
A great number of companies are still reluctant to spend their record cash revenues on wage lifts out of fear they won’t be able to pass on the costs to clients who get used to constantly diving prices.
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