Japan’s economic strategy in recent years has fallen short at passing on rising corporate profits to workers and the nation’s new administration is determined to tackle those shortcomings, according to economic revitalization minister Daishiro Yamagiwa.
Abenomics, named after former premier Shinzo Abe, helped the economy grow in size from 2013, but its trickle-down approach of getting companies to share the benefits of growth was insufficient, Yamagiwa said in a group interview Thursday.
New Prime Minister Fumio Kishida will review the current tax benefits for companies that raise wages given that they have failed to gain traction, Yamagiwa said.