Investor Presentaiton
Subdued wage growth remains unchanged
Per capita real wage growth in G3 economies
(2005 average =100)
120
-Japan
US
115
-Eurozone
110
105
100
95
95
00
90
05
95
07
09
11
13
15
17
19
21 (CY)
Source: Nomura, based on Haver Analytics data
NOMURA
The preservation of Japan's unique employment
customs and system may also lead to
stagnation of wage growth compared to
overseas economies.
The administration of Prime Minister Fumio
Kishida is trying to address this issue by giving
more tax incentives for wage increases and
conducting a direct revision of publicly-
stipulated salaries for some types of jobs.
However, we expect that solving the issue of
low wages and stagnated wage growth will be
difficult without comprehensive structural
reforms of the labor market..
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