Core Viewpoint - Japan's real wages fell at the fastest rate in nearly two years in May, primarily due to inflation outpacing wage growth, which poses challenges for the country's economic recovery [1][2]. Group 1: Wage Data - In May, real wages adjusted for inflation decreased by 2.9% year-on-year, marking the largest decline in 20 months, following a revised drop of 2.0% in April [1]. - Nominal cash earnings increased by only 1.0% to 300,141 yen (approximately $2,080), which is the lowest growth rate since March 2024 [1]. - The decline in nominal wage growth is attributed to a significant drop of 18.7% in special payments, primarily consisting of one-time bonuses [2]. Group 2: Economic Indicators - Basic wages rose by 2.0% and overtime pay increased by 1.0% in May, but both growth rates slowed compared to April [2]. - Despite the decline in real wages, household spending in May increased at the fastest rate in nearly three years, suggesting potential improvement in consumer spending [2]. - The ongoing decline in real wages and the resulting decrease in household purchasing power remain significant challenges for Japan's economic recovery [2].
日本5月实质薪资创近两年最大跌幅 经济复苏面临挑战
Xin Hua Cai Jing·2025-07-07 00:38