TOKYO (AP) — Wages are rising in Japan more than they have in decades, at least for some workers. But so are prices, leaving many people feeling they must scrimp more than ever.
In May, the consumer price index was up 3.2% from a year earlier, well above the central bank’s target of about 2%. That’s great news for policymakers trying to get the world’s third largest economy out of the doldrums by keeping credit super cheap to spur demand and push prices higher.
But a government survey of companies with five or more employees found real wages, taking into account higher prices, fell 3% from the a year earlier in April, marking the 13th straight month of declines.
Although all the major companies have raised wages this year, with large labor union members landing a 4% hike, the highest in 30 years, a quarter of small and medium-size businesses — employers of more than two-thirds of all workers — gave no pay raises, according to the think tank Tokyo Shoko Research.
“My wages haven’t gone up at all,” said Kyoko Sano, a salesclerk at a Tokyo department store.
Sano feels a bit of a jolt when a cashier rings up her purchases and angst when she checks out prices of her favorite cookies, potato chips, rice crackers and drinks. Prices have all jumped, and the usual discount offerings have disappeared. Her electricity bill keeps climbing.
“There’s no point in buying things like body lotion in advance before their prices rise. Pretty soon you run out, and you end up having to go buy...
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