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Japanese Bankers Feel Pain of Negative Rates in Their Paychecks

Commuters As Japan’s Wages Fall Again, Adding to Concerns Over Tax Hike
Photographer: Kiyoshi Ota/Bloomberg

It’s not just Japanese banks that are feeling the squeeze from the Bank of Japan’s negative interest rates, their employees are too.

The latest data compiled by Tokyo Shoko Research, a private firm, shows that average wages in the construction industry are now 16% higher than the salaries of banking and insurance staff, with the gulf widening as bankers’ pay falls.