Prime Minister Shinzo Abe on Friday once again urged business leaders to raise wages by 3 percent in fiscal 2018, and asked for aggressive investment to boost the country's economy.

“To create a virtuous cycle in the economy, I ask you to hike wages by 3 percent,” Abe said in a speech at a party organized by Japan’s three major business lobbies to celebrate New Year's.

Abe called for accelerated investment, particularly in the areas of artificial intelligence and the internet of things, to increase global competitiveness.