With soaring import costs prompting companies to mark up prices, and in the process putting financial pressure on households, it’s becoming more and more crucial that Japan creates momentum toward wage growth.
On Tuesday, a government panel kicked off discussions on a hike to the average minimum wage, which is expected to garner a great deal of attention.
Every year, usually early in the summer, the labor ministry’s minimum wage panel comes up with a rough target for hourly wage increases. Based on that figure, panels in each prefecture make a decision on changes to the local minimum wage, with the new rates implemented around October.