Japan’s real wages fell 1.4 percent from a year earlier in May, with the decline extending to a record 26th straight month as the highest pay hike in more than three decades has yet to outpace inflation, government figures showed Monday. The drop in May is larger than a revised 1.2 percent fall in April, with higher materials costs and a weakening yen pushing up import costs, data from the Ministry of Health, Labor and Welfare showed. The downward pressure continues even as the Japanese Trade Union Confederation said last Wednesday that Japanese companies agreed to raise wages by an average of…