Basic pay is at last rising in Japan, but only in cash terms. After adjusting for inflation, real wages are falling rapidly. If Abenomics is to succeed, the household sector must play a part in the recovery. At a minimum, that requires that increases in wages more than keep pace with increases in prices. In Japan, the ratio of job openings to applicants now stands at 1.10. It is not only above its pre-crisis peak of 1.07, it is at its highest level in more than 20 years. The Bank of Japan hopes that a tighter labour market will put upward pressure on wages, encouraging more consumption.

Source: http://seekingalpha.com/