Monday, August 3, 2009

"Japanese Wages in Record Plunge"

Business Day (hat tip Credit Writedowns) with the details:

Japan's wages fell at the fastest pace on record in June as companies cut bonuses to protect dwindling profits, adding to evidence that consumers are unlikely to contribute to an economic recovery.

Monthly wages including overtime and bonuses dropped 7.1 per cent from a year earlier to 430,620 yen ($5400), the sharpest decline since the survey began in 1990, the Labor Ministry said today in Tokyo. Bonuses shrank 14.5 percent.

Source: MHLW

1 comment:

  1. Jake,

    It's a good thing so many Japanese took out generational mortgages during their real estate boom. With falling wages and falling real estate prices, they're going to need them. D'oh!