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Japan: when full employment does not equate to wage growth
[Japon : quand plein emploi ne rime pas avec hausse des salaires]

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  • Baptiste Meunier

Abstract

Despite full employment, Japan is struggling with wage stagnation. Although this "enigma" can in part be explained by cyclical factors - subdued productivity and inflation expectations - it is also being exacerbated by structural factors linked to the country’s social model, notably the duality of its labour market. As a result, the prospects for a rise in wages and hence inflation remain limited. Le Japon est confronté à la stagnation des salaires malgré le plein emploi. Si l’atonie de facteurs conjoncturels, productivité et anticipations d’inflation, expliquent en partie cette énigme, les caractéristiques structurelles du modèle social pèsent aussi, notamment la dualité de l’emploi. Par conséquent, les perspectives de hausses des salaires, et donc d’inflation, y restent limitées.

Suggested Citation

  • Baptiste Meunier, 2018. "Japan: when full employment does not equate to wage growth [Japon : quand plein emploi ne rime pas avec hausse des salaires]," Eco Notepad (in progress) 89, Banque de France.
    • Handle: RePEc:bfr:econot:89
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