Japan: Wages drop 1st time in 14 months

Households in Japan may have to start tightening their budgets. A labor ministry survey shows that the average monthly salary dropped for the first time in 14 months in July.

Preliminary results of the survey of about 33,000 businesses across the country show that during the month total pay, including bonuses and overtime, averaged about 372,000 yen, or 3,400 dollars. That’s down 0.3% from a year earlier in yen terms.

The figure fell 0.8% when adjusted for inflation, for the second straight month of decline.

A ministry official says some workers received smaller bonuses as business conditions stagnated, and that this may have pushed down the average wage.

Source: NHK
Image: Bank Image