Recently the role of wages in deflation process has been rarely taken as a serious study subject in Japan. However, looking at prices in the economy as a whole from the cost side, wages are the biggest cost factor and, therefore, the development in wages should have a close relationship with the...

Recently the role of wages in deflation process has been rarely taken as a serious study subject in Japan. However, looking at prices in the economy as a whole from the cost side, wages are the biggest cost factor and, therefore, the development in wages should have a close relationship with the...