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  • 7 - The Great Disconnect

  • from Part III - Macroeconomic Policy
  • Edited by Takeo Hoshi, University of Tokyo, Phillip Y. Lipscy, University of Toronto
  • Book:
    The Political Economy of the Abe Government and Abenomics Reforms
    Published online:
    05 February 2021
    Print publication:
    25 February 2021, pp 170-199

  • Summary

    This chapter takes some well-known observations about the structure of the Japanese labor market and adds new evidence about how it has evolved to study inflation in Japan. Our key finding is that labor market dynamics shifted after 1998 so that correlations between labor market tightness and wages weakened noticeably. This change was accompanied by a break in the relationship between wages and prices, so wage inflation has become a much less important determinant of price inflation.