ICYMI – Japan to boost the minimum wage, “largest increase” ever

The Bank of Japan is keen to see rising wages to help cement inflation at or above its 2% target.

The latest data shows CPI well above 2%, and indeed underlying inflation more than double that, but the BOJ insists its transitory util wages rise.

ICYMI, a subcommittee of Japan’s Central Minimum Wages Council (an advisory body to the minister of Health, Labor, and Welfare) has decided to raise Japan’s weighted average minimum hourly wage by ¥41 in fiscal 2023.

  • this has been described as the largest increase since the current method was adopted of indicating wages on an hourly basis. Its well above the ¥31 increase the previous fiscal year.
  • this’ll bring the minimum wage to ¥1,002

USD/JPY update, its just past 6am in Tokyo, and 5am in Hong Kong and Singapore, so still every thin trade:

This article was written by Eamonn Sheridan at www.forexlive.com. Source