Those inflation expectations are taken from the Tankan for firms, the Opinion Survey on the General Public's Views and Behavior for households, and the QUICK Survey for experts. Sources: Bloomberg; Bank of Japan; QUICK, "QUICK Monthly Market Survey <Bonds>." 9  Chart 10  III.
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.