Rissmiller japan

The Big Experiment in Japan: Will Defla6on End? Japan: Consumer Pr ice Index % Change - Year to Year

NSA, 2010=100

25

25

20

20

15

15

10

10

5

5

0

0

-5

-5 75 80 85 90 95 00 05 10 15 Sour ce: Ministr y of Inter nal Affair s and Communications /Haver Analytics

The Key Variable: Will Wages Increase?

Japan: Aver age Monthly Ear nings {30 or mor e empl}: All Industr ies % Change - Year to Year

NSA, Yen

40

40

30

30

20

20

10

10

0

0

-10

-10

-20

-20 75 80 85 90 95 00 05 Sour ce: Ministr y of Health, Labour & Welfar e /Haver Analytics

10

15

Two Sides of the Same Coin: Wages & Prices Growing Together Japan: Consumer Pr ice Index

% Change - Year to Year

NSA, 2010=100

Japan: Aver age Monthly Ear nings {30 or mor e empl}: All Industr ies % Change - Year to Year

NSA, Yen

40

40

30

30

20

20

10

10

0

0

-10

-10

-20

-20 75 80 85 Sour ces: MIC, MHLW /Haver

90

95

00

05

10

15