According to Jinshi, Japanese workers' basic wages have recorded the largest increase since 1994, indicating that companies' commitment to the largest wage increase in 30 years has begun to take effect. Japan's Ministry of Health, Labor and Welfare announced that basic wages increased by 2.3% in April from a year ago, pushing nominal wages up 2.1%. A more stable indicator, which eliminates sampling problems and excludes bonuses and overtime pay, also showed a 2.1% increase in wages for full-time workers. The findings provide new evidence for the Bank of Japan that a virtuous cycle of rising wages linked to demand-driven price increases may be approaching realization. After raising interest rates for the first time since 2007 in March, the Bank of Japan is seeking stronger evidence to confirm the trend.