Bank of Japan Salaries Rise the Most Since at Least 1998

Workers at the Bank of Japan can look forward to a better pay day this year, with wages for non-managers rising 1.9 percent, the most since at least 1998.

Excluding bonuses and overtime, base pay will increase 0.6 percent, for the fiscal year through March 2016 from the previous 12 months, the bank said on Tuesday.

There was no update on renumeration for Governor Haruhiko Kuroda, who last year was the first BOJ chief in nine years to get a raise.

Increasing pay for Japanese workers is vital for Kuroda’s efforts to spur a "virtuous cycle" of higher wages, rising prices and bigger profits for companies. So far, the BOJ has had a lot more success in stoking corporate earnings than it has with inflation or salaries.

Real wages in Japan adjusted for inflation slid 2.8 percent last year and have fallen in five of the eight months through August this year, according to the labor ministry.

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