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Japan’s Abe Vows to Push for Wage Increases
Keywords:
Tags: Current Focus, Japan,
Japanese firms have $2.65 trillion in excess reserves as of June 30, 2014, according to the Ministry of Finance. Yet slow growth and falling prices in the last decade have made Japanese companies overly cautious in increasing wages. A declining yen makes imports more costly. Real wages were up for only 4 months during the Abe administration in 2013-2014. The first increase in the national sales tax in April 2014 to reduce the large deficit has also hit consumers, leading to a recession in the third quarter of 2014. Prime minister Abe made an effort in 2013 to get companies to increase wages, but results were modest in Spring 2014 as smaller companies held back. At the time prime minister Abe promised to do his part by reducing corporate taxes and implement pro-growth strategies, expecting companies to adjust wages upward. Analysts now say tightening labor markets are likely to create a situation where businesses will have to raise wages. A Bank of Japan survey of business sentiment in Dec. 2014 shows the number of firms seeing a shortage of workers is at the highest proportion since 1992. Declining oil prices will reduce Japan's fuel import bill by 9.6 trillion yen in 2015, and give more money to consumers offsetting the effects of the increase in the consumption tax to 8%.
2014 wage negotiations in Japan between unions and corporations
02/13/2013
Toyota says it will keep in mind the connections to the Japanese economy of wage increases as it makes its decision on wages in 2014-2015. Unions negotiate for modest pay increases of 1-1.5%. It is not clear if this will also lead to higher wages for the 37.5% of workers in Japan in the temporary or parttime category.
Grouped Articles
Japan Inc. Gets Ready to Raise Wages
Wall Street Journal 02/20/2014
Wall Street Journal 03/13/2014
For First Time in Years, a Raise for Many Japanese Workers
New York Times 03/12/2014
Japanese Leader Urges Firms to Boost Wages
Wall Street Journal 02/13/2013
EDITORIAL / Business, labor groups should cooperate for economic recovery
Wall Street Journal 02/13/2013
Japan Unions Win Best Raises in Years
Wall Street Journal 03/13/2013
Only a fifth of small companies raise wages in Japan in early 2014- the situation in Hitachi, Japan
02/13/2013
Hitachi Corporation follows the example of Toyota to raise wages in Japan, answering prime minister Abe's call to raise wages to fight deflation. Suppiers of Hitachi Corp. in Hitachi, Japan, say they face cost pressures and higher prices of imported components with a weaker yen. The suppliers are reluctant to raise wages.
Grouped Articles
Wall Street Journal 03/13/2014
For First Time in Years, a Raise for Many Japanese Workers
New York Times 03/12/2014
Japanese Leader Urges Firms to Boost Wages
Wall Street Journal 02/13/2013
EDITORIAL / Business, labor groups should cooperate for economic recovery
Wall Street Journal 02/13/2013
Japan Unions Win Best Raises in Years
Wall Street Journal 03/13/2013
Risk of Deflation Feeds Global Fears
Wall Street Journal 10/16/2014
Decline in real wages as wages cannot keep up with price increases in Japan 2013-2014
12/16/2014
Grouped Articles
Japan’s Abe Vows to Push for Wage Increases
Wall Street Journal 12/16/2014
Japan’s working poor: Struggling
Economist 04/05/2015
Japan Embodies a Global Mystery: Where Are the Raises?
WSJ 06/06/2017
Japan's snap election in December 2014 on Abenomics and a strategy to fight deflation
11/18/2014
Prime minister Abe overrules the Finance Ministry by delaying an increase in the consumption tax fom 8 to 10% in 2015. He calls a snap election for 2015. This WSJ editorial says Japan has tried the Finance Ministry's ideas for fiscal spending increases coupled with tax increases without success in fighting deflation, prime minister Abe now needs to get the third arrow of structural reform right and take supply side actions.
Grouped Articles
Wall Street Journal 11/18/2014
Calling Early Elections in Japan, Abe Rolls the Dice on the Economy
New York Times 11/18/2014
A Sudden Schism Between Shinzo Abe and the Bank of Japan Governor
New York Times 11/19/2014
Japan’s No. 1 Reflationist Does a Victory Dance
Wall Street Journal 11/20/2014
Nevermind Japan’s Recession Talk. Abenomics Is Working
Wall Street Journal 11/20/2014
With Bad Economic News for Japan, Abe’s Magic Seems to Evaporate
New York Times 11/20/2014
Efforts to increase wages in Japan by the Abe administration
07/21/2010
Grouped Articles
Pro-Inflation Policies Show Signs of Helping the Japanese Economy
New York Times 05/09/2013
Now Comes the Hard Part for Abenomics
Wall Street Journal 07/22/2013
Japanese Prices Rise, Signaling Rebound
Wall Street Journal 07/26/2013
Many in Japan Are Outsourcing Themselves
New York Times 07/21/2010
Japan Inc. Gets Ready to Raise Wages
Wall Street Journal 02/20/2014
Wall Street Journal 03/13/2014
Tightening labor markets and wages in Japan in 2015
12/16/2014
Lower oil prices are expected to reduce the oil import bill by 10.6 trillion yen for 2015, and add to Japanese consumers purchasing power. Analysts say tightening labor markets are expected in 2015 as the Japanese economy recovers. Japanese companies have about $2.65 trillion in cash reserves but were cautious in raising wages in 2013-2014. Toyota says it is natural for the company to contribute to higher wages as its profits improve and will take a sincere interest in 2015 wage negotiations. Real wages were up for only 4 months of prime minister Abe's first term in 2013-2014, as wages cannot keep up with price increases.
Grouped Articles
Japan’s Abe Vows to Push for Wage Increases
Wall Street Journal 12/16/2014
Japan Government Presses Companies to Raise Wages
Wall Street Journal 01/22/2015
Japan’s Economy Expands, but Less Than Expected
New York Times 02/15/2015
Abe and Toyoda: Marriage of Mutual Need
Wall Street Journal 02/20/2015
Abenomics Pays It Forward for Japanese Workers
Wall Street Journal 03/19/2015
Japan’s Businesses Respond to Abe’s Push for Higher Wages
New York Times 03/18/2015
Japan's GDP growth and the proposed increase in the consumption tax- 2013-2014
06/11/2010
The proposed increase in the sales tax to 10% to improve the Japanese government finances and the problems posed by lower GDP growth in the second quarter of 2013. The risk of derailing the economic recovery and the fight against deflation by a premature increase in the sales tax.
Grouped Articles
Economic Expansion Slows Down in Japan
New York Times 08/11/2013
Abe Set to Proceed With Tax Increase in Japan
Wall Street Journal 09/12/2013
Japanâs Prime Minister Warns That Debt Could Bring a Crisis Like That of Greece
New York Times 06/11/2010
Japan's Kan Plans Major Tax Increase
Wall Street Journal 06/16/2010
Prime Minister Noda says tax hike essential for Japan's sustainability - The Washington Post
Washington Post 03/04/2012
Japan’s Growth Slows, Raising Concerns About Obstacles That Lie Ahead
New York Times 02/16/2014
Living with deflation and deflationary trends in Japan
01/27/2011
Grouped Articles
Japanese Prices Rise, Signaling Rebound
Wall Street Journal 07/26/2013
Japan Says 'Sayonara' to Deflation Worries
Wall Street Journal 12/26/2013
Risk of Deflation Feeds Global Fears
Wall Street Journal 10/16/2014
Japan’s Abe Vows to Push for Wage Increases
Wall Street Journal 12/16/2014
Japan Learns to Live with Deflation
BusinessWeek 01/27/2011
Pressure Rises on BOJ to Reach Inflation Target
Wall Street Journal 05/07/2012
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