Japan's basic salary has achieved the largest increase in 31 years, supporting the Bank of Japan's view of the economy still being on the road to recovery and supporting the prospect of rate hikes in the future.
Gelonghui November 7th| The basic wages of Japanese workers have recorded the largest increase in over 30 years, supporting the Bank of Japan's view that the economy is still on track for recovery and the prospect of interest rate hikes in the coming months. Data released by the Ministry of Health, Labor and Welfare on Thursday showed that the year-on-year growth rate of basic wages in September accelerated from 2.4% in August to 2.6%, marking the strongest increase in over 31 years. Nominal cash income grew by 2.8%, below the general expectation of 3%. A more stable indicator, which excludes bonuses and overtime pay, showed that the wage growth for full-time employees was at 2.9%, slightly faster than the previous month's 2.8%. Thursday's data showed that despite the
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