Japan’s base pay rises most in 32 years, helping rate hike path

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Japan’s base pay rises most in 32 years, helping rate hike path - Business Mirror

Quick Summary:

Japanese workers’ base salaries grew the most in 32 years, offering potential support for the central bank to raise rates this month if other data back up the thesis that a positive economic cycle is strengthening.

Base salaries increased by 2.7 percent in November from a year ago to drive up nominal wages by 3 percent, the labor ministry reported Thursday.

The government has also ramped up its calls for wage increases, with Prime Minister Shigeru Ishiba re-affirming in a new year speech his commitment to achieving economic growth through pay gains and increased investment.