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Japan Real Wages Drop at Fastest Pace in 9 Years in FY 2023

Japan Real Wages Drop at Fastest Pace in 9 Years in FY 2023

   Tokyo, May 23 (Jiji Press)--Japan's inflation-adjusted real wages fell 2.2 pct in fiscal 2023 from the previous year, logging the sharpest decline in nine years due to rising prices, the labor ministry said Thursday.
   Real wages marked a second straight year of decline in the fiscal year that ended last March as pay increases failed to keep pace with inflation.
   The 2.2 pct decline was the largest since fiscal 2014, when real wages fell 2.9 pct as a consumption tax increase pushed up prices.
   In fiscal 2023, nominal monthly wages rose 1.3 pct to 332,533 yen on average. The consumer price index excluding imputed rent, a measure used to calculate real wages, climbed 3.5 pct.

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AFP-JIJI PRESS NEWS JOURNAL


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