Real wages = personnel expenses / number of workers / GDP deflator 2. Labor productivity = (operating profits + personnel expenses + depreciation expenses) / number of workers / GDP deflator 3. Variables such as personnel expenses are based on the "Financial Statements Statistics of Corporations by Industry, Quarterly" and exclude "finance and insurance." 4. Figures from 2009/Q2 exclude "pure holding companies."
Sources: Ministry of Finance; Cabinet Office. Chart 11  Corporate Funding Deposit-lending margins and excess savings by firms %  tril.