10 There has also been some decline in population growth, most notably in Western Australia. 11 See Jacobs D and A Rush (2015), ‘Why Is Wage Growth So Low?’, RBA Bulletin, June, pp 9–18. 12 For  a discussion of the differences between these <www.rba.gov.au/publications/smp/2016/aug/price-and-wage-developments.html>.
Japanese firms lack confidence in their long-term profit growth and are thus cautious about raising wages -- particularly, base pay -- that can lead to a rise in fixed costs (Chart 10).