The Bank's Conduct of Monetary Policy  Wages and Prices Wages and Prices  Revision of Wages (Compiled by RENGO)  Quarterly  Annual 6  Base Pay Increases and Summer Bonuses  y/y % chg.  6  y/y % chg.  CPI (less fresh food) 5  5  Nominal wages (full-time employees)  4  3  2  2  1  1  0  0  -1  -1  -2  -2  -3 FY 85  -3 19/Q1  90  95  00  05  10  15  Rate of wage increase (including regular wages)  4  3  20  %  FY 2019 FY 2020 FY 2021 FY 2022  Base pay increase (groups that can be aggregated)  2.1  1.9  1.8  2.1  0.6  0.5  0.6  0.6  Small firms: +0.7%  Bonuses (Survey for Large Firms) y/y % chg.  21/Q1  2020 Summer  2020 Winter  2021 Summer  2021 Winter  2022 Summer  Japan Business Federation (Keidanren )  -2.2  -9.0  -8.3  -5.2  13.8  Nikkei Inc.  -5.4  -8.6  -2.9  0.8  10.5  Manufacturing : +11.8% Nonmanufacturing: +6.7%  Note: In the left-hand chart, figures for nominal wages prior to fiscal 1994 include part-time employees.
Those for fiscal 2016 onward are based on continuing observations following the sample revisions. Figures for the CPI exclude the effects of the consumption tax hikes from 1997. Figures for fiscal 2022 are those for 2022/Q2. The figure for nominal wages for 2022/Q2 is the April-May average.