Kishida pins hopes on wage hikes to accelerate wealth redistribution japantoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from japantoday.com Daily Mail and Mail on Sunday newspapers.
Companies will need to factor in a recovery in their earnings from the COVID-19 pandemic and the unknown impact of omicron when annual wage negotiations begin.
Japanese Prime Minister Fumio Kishida is counting on companies to raise wages to accelerate wealth redistribution, the centerpiece of his push for a new form of capitalism.
Japan’s retail sales increased for a third straight month, as easing virus concerns fueled spending by consumers before the emergence of the Omicron variant of SARS-CoV-2.
Sales last month advanced 1.2 percent from October, as shoppers spent more on clothing and motor vehicles, the Japanese Ministry of Economy, Trade and Industry reported yesterday.
Economists had expected a 1.3 percent overall gain.
Spending on clothing rose more than 7 percent from October, as did outlays for vehicles, while sales of food and drink rose 0.6 percent and spending on fuel fell 2.9 percent, the ministry said.
Retail sales rose 1.9 percent more than a year