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Japan’s wage rose the fastest in 30 years but household spending stayed weak in April

Posted on June 9, 2023 |

In April, Japan's wages rose as big companies raised pay rapidly in 3 decades of workers' high demands for salaries to keep up with inflation, but households' spending was weak and pressured economic recovery.

Total cash earnings, or nominal wages, rose 1% from 2022, an increase lower than the revised 1.3% increase in March.

In the past 2 years, the regular salary grew by 1.1%, while overtime pay fell by 0.3%.

Inflation-adjusted real wages fell to 3.0% as persistently high consumer inflation outpaced nominal wage growth and pared the purchasing power of households.

Japanese household spending fell by 4.4% compared to 2022, the biggest drop since February 2021, indicating shallow economic recovery until consumption takes off.

Services spending, goods spending, and household spending fell by 1.9%, 3.4%, and 1.3% respectively.

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