Workers’ pay growth hits 27-year high

Wage surge: Ueda attends a news conference at the central bank’s headquarters in Tokyo. The market is closely watching wage negotiations set to culminate in March to assess the sustainability of wage growth. — Bloomberg

TOKYO: Japanese nominal wages rose at the fastest pace in nearly three decades, supporting the Bank of Japan’s (BoJ) latest rate hike decision and keeping the bank on track for further tightening steps.

Nominal cash earnings for workers climbed 4.8% in December from a year earlier, up from a revised 3.9% gain in November, the labour ministry said yesterday.