Japan’s workers still aren’t getting paid enough to keep up with rising prices. That’s hurting living standards and creating a major headache for the country’s new central bank chief as he marks his first week on the job.
Adjusted for inflation, wages slipped 2.6% in February, compared to the same month a year earlier, according to government data released last week. That marked nearly a year -— 11 straight months — of declines despite a major campaign by Prime Minister Fumio Kishida to hike compensation.
Economists say the issue will likely continue to dog the Bank of Japan’s new governor, Kazuo Ueda, who took the helm over the weekend and is facing pressure to do away with the ultra-loose monetary policy of his predecessor, Haruhiko Kuroda.
With inflation hitting 3.1% in February, above the central bank’s 2% target, it should be time for the…