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Abe and Toyoda: Marriage of Mutual Need
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Akio Toyoda of Toyota Motor praises prime minister Abe's "tremendous leadership," as Abe takes a drive in the hydrogen fuel cell Toyota Mirai in the front lawn of the premier's residence in Tokyo, Japan. Toyota benefits from the yen at 110 to the dollar as this generates higher profits from exports. Sales in 2014 were $230 billion, and net profit $18 billion. Prime minister Abe's economic program depends on companies and their suppliers increasing wages, especially companies with a supplier base as large as Toyota with estimated 1.35 million employees at suppliers in Japan. Toyoda says "both the government and the private sector are of one mind in fighting deflation." Toyota's wage increases in 2014 were only 0.8%. In 2015 hope are high that Toyota will take stronger action. Toyota has refrained from asking suppliers for price cuts in fall 2014, and is likely to do so in spring 2015, so that its suppliers can raise wages. Toyota's 65,000 employees are pushing for a 1.7% monthly base salary increase in April, with bonuses and seniority adjustments bringing the wage increase up to 4%.
Deflation fighting efforts by the Abe administration in Japan 2013-2014
12/27/2011
Grouped Articles
Pro-Inflation Policies Show Signs of Helping the Japanese Economy
New York Times 05/09/2013
New York Times 05/23/2013
Tokyo's Move to Raise Tax Hits Snag
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Japanese Prices Rise, Signaling Rebound
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Japan Says 'Sayonara' to Deflation Worries
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Japan Official Cites Fundamentals in Yen's Drop
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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
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EDITORIAL / Business, labor groups should cooperate for economic recovery
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Japan Unions Win Best Raises in Years
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Risk of Deflation Feeds Global Fears
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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
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Japanâs Prime Minister Warns That Debt Could Bring a Crisis Like That of Greece
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Japan's Kan Plans Major Tax Increase
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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
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 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
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A Sudden Schism Between Shinzo Abe and the Bank of Japan Governor
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Japan’s No. 1 Reflationist Does a Victory Dance
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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
Support for Japan's Abe government and the Bank of Japan's policy to fight deflation
05/12/2011
The IMF's Lagarde calls Japan's policy "sound," and U.S. Federal Reserve chairman Bernanke says he supports countries looking at domestic economies when conducting monetary policy. The overall effect would be to help the global economy through a better performing domestic economy, says Bernanke. Gaining support in the global community for Japan's moves to reduce the value of the yen is important for the Abe administration and Japanese finance minister Taro Aso. These views were expressed at the G-20 meeting in Moscow in Feb. 2013.
Grouped Articles
Wall Street Journal 04/18/2013
Japan Official Cites Fundamentals in Yen's Drop
Wall Street Journal 04/12/2013
G-20 Backs Japan on Yen Policies
Wall Street Journal 04/20/2013
OECD Welcomes BOJ Inflation Target, Easing
Wall Street Journal 04/23/2013
Pro-Inflation Policies Show Signs of Helping the Japanese Economy
New York Times 05/09/2013
New York Times 05/23/2013
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
Akio Toyoda of Toyota Motor and Japan's prime minister Abe- "we are of one mind in fighting deflation"
02/20/2015
Toyota Motor is not asking for price concessions from suppliers in fall 2014 and is likely to do the same in spring 2015, so that suppliers can raise wages for the estimated 1.35 million employees at Toyota suppliers in Japan. Toyota Motor CEO, Akio Toyoda, also a grandson of a Japanese leader like prime minister Abe, says "we are of one mind in fighting deflation." Toyota has benefitted from the yen at 110 to the dollar which increases revenue and profit from exports. Both Abe and Toyoda carry a large responsibility as Japan fights off the effects of deflation, and the effects of an increase in the consumption tax on consumers.
Grouped Articles
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
Abe: U.S., Japan Close to TPP Trade Deal
Wall Street Journal 04/21/2015
Japan Embodies a Global Mystery: Where Are the Raises?
WSJ 06/06/2017
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