实际工资下滑与此前公布的工资谈判结果形成鲜明对比，凸显出通胀对工人实际收入的显著冲击。 根据日本最大工会组织日本工会总联合会（RENGO）公布的最终数据，2025财年工资谈判以5.25%的 平均涨幅收官，超过2024财年的5.10%，创下1991年泡沫经济时期以来的最高纪录。 名义工资的强劲增长原本被视为支撑日本央行加息的重要因素，但实际工资的下滑可能会让央行在未来 的政策决策中更加谨慎。市场分析师认为，这种分化趋势可能影响日本经济复苏的步伐。 日本5月实际工资出现近两年来最大跌幅，持续的通胀压力正在侵蚀实际购买力。 实际工资与名义工资背离加剧，通胀侵蚀购买力效应显现。工资增长虽然创下历史新高，但未能完全抵 消物价上涨带来的负面影响，这对消费者支出和经济增长前景构成挑战。 日本厚生劳动省数据显示，经通胀调整后，5月份实际工资较上年同期下降2.9%，为20个月以来的最大 降幅。4月份实际工资经修正后为下降2.0%。 用来计算实际工资的 消费者通胀率（包括新鲜食品价格但不包括房租成本）5月份同比上涨了4.0%。这 一增幅远远超过了名义工资或平均现金收入总额的增幅。5月名义工资或平均现金收入总额增长 1.0%，，较 ...

Core Insights - The average wage rate in Hong Kong increased by 3.5% year-on-year in March 2025, with approximately 62% of companies reporting wage increases, while 34% experienced declines [1][2] - After adjusting for inflation, the real average wage rate rose by 1.6% in March 2025 [1][2] - The nominal average salary index for employed individuals increased by 3.2% year-on-year in the first quarter of 2025, with a real increase of 1.6% after accounting for inflation [1][2] Industry Changes - All selected industry categories recorded year-on-year increases in nominal wage indices ranging from 3.1% to 4.1% in March 2025 [2] - Real wage indices across all selected industries also saw year-on-year increases, varying from 1.1% to 2.1% in March 2025 [2] - The nominal average salary index for all selected industries in the first quarter of 2025 increased between 2.0% and 3.9% year-on-year, while real average salary indices rose between 0.4% and 2.3% [2] Wage Index Data - The nominal wage index for the manufacturing sector was +3.2% in March 2025, with a real increase of +1.2% [3] - The wholesale and retail trade sector recorded a nominal increase of +3.1% and a real increase of +1.1% [3] - The transportation sector saw a nominal increase of +3.5% and a real increase of +1.5% [3] - The accommodation and food services sector had a nominal increase of +3.8% and a real increase of +1.8% [3] - The financial and insurance activities sector recorded a nominal increase of +4.0% and a real increase of +2.0% [3] - The real wage index for professional and business services was +2.1% with a nominal increase of +4.1% [3] - The personal services sector experienced a nominal increase of +3.9% and a real increase of +1.9% [3]

Core Viewpoint - The Bank of Japan's monetary policy must focus on fundamental price changes closely related to nominal wage fluctuations [1] Group 1 - The monetary policy considerations are emphasized by committee member Noguchi Akira [1] - There is a direct correlation between nominal wage changes and basic price movements that need to be monitored [1]

日本央行：名义工资增长将保持在较高水平，即使在一段放缓期之后仍将持续增长。 ...