Today's wages data highlights how far Japan's central bank is away from its 2% inflation target
Eamonn had the data release here earlier. After adjusting for inflation, wages fell for a third consecutive month - suggesting that wages are struggling to keep up with inflationary pressures.
And that says a lot considering how low inflation is in Japan.
Businesses are still struggling to shake off the deflationary mindset, and with wage growth falling - instead of growing towards the 3% level Kuroda feels is necessary to boost inflation - further still, it's really difficult to see an argument where the BOJ will be able to reach its inflation target by fiscal year 2019.
You still got to tip your hat to Kuroda though. The guy's still trying even though he knows he's fighting a losing battle (not like he has a choice). Just look at this "I'll wave my hands in the air and inflation may possibly rise" trick:
