In the right chart, figures for total cash earnings are for all employees. Figures from 2016 onward are based on continuing observations following the sample revisions. Sources: Haver Analytics; Ministry of Health, Labour and Welfare.
Chart 16  Correlation between Wages and Prices 2022 phase  Big push Hike in raw material prices  Accumulated savings during the pandemic  Increase in the CPI  Moderate increase in private consumption  Pass-through of wage increases to selling prices  Stronger correlation between wages and prices and increased pass-through  Increase in wages  Current phase  Investment for labor substitution  Rise in workers' bargaining power due to labor shortages and an increase in turnover  Rise in real wages  Improvement in productivity  Decomposition of Economic Growth in Japan and the United States  Japan  Sources: Cabinet Office; Ministry of Internal Affairs and Communications; OECD.