The report says that the Japanese Cabinet office has compiled a projection that shows income will increase more than prices in the fiscal year 2024. Well, considering the amount of pressure that the government is putting on businesses to raise wages, it does not come as too much of a surprise.
This adds further credence to the narrative that Japanese authorities are alluding to the spring wage negotiations next year in March and April (the fiscal year begins on 1 April) to kick start the normalisation of monetary policy.