Japan's real wages fell most in nearly 2 years in May

Japan's inflation-adjusted wages posted their largest drop in nearly two years in May, according to NHK.

Surging prices continued to outpace salary increases.

Preliminary data from the labor ministry on Monday show that real pay fell 2.9 percent from the same month last year. That is the sharpest drop since September 2023 and marks the fifth straight month of decline.

The ministry surveyed about 30,000 businesses nationwide with at least five employees.

Workers took home 300,141 yen, or about 2,070 dollars, on average. That includes base pay and overtime. The figure is up 1 percent year-on-year, and has risen for 41 consecutive months.

Base pay stood at 268,177 yen, or about 1,850 dollars. That is up 2.1 percent and marks the 43rd straight month of gains.

Japan's inflation rate remained above 3 percent for a sixth month in a row in May.