If we consider the Phillips curve – with the unemployment rate on the x-axis and the rate of wage inflation on the y-axis – we reach a similar conclusion (Chart 10). On the other hand, under the employment practice in Japan it is difficult to aggressively reduce the number of employees while maintaining the nominal wage growth in an economic recession.
Similarly, it is high time that Kenyans henceforth adhere to their credit contract terms in order to build favourable credit track records for use as information collateral.   Second, the CBK and KBA have formed a committee to drive forward the recommendations of the study. The formation of the committee reflects the importance attached to the study by both KBA and CBK.