Political parties that are competing in the Dec. 16 Lower House election should present convincing proposals to prevent Japan from continuing down the deflationary path. But they must be careful to ensure that their efforts to end deflation will not lead to price rises that are not supported by enlivened economic activities and expanded employment opportunities accompanied by higher wages for workers.
Japan’s gross domestic product in real terms dropped 0.9 percent, or an annualized 3.5 percent, in the July-September period from the previous quarter. The April-June period saw no growth in the nation’s gross domestic product. The unstable employment situation is characterized by an increase in the percentage of irregular workers, coupled with an overall decrease in wage levels.
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