Japanese labor unions said they clinched their biggest raises in years as Prime Minister Shinzo Abe calls for companies to boost wages to help put the world’s third-largest economy on a path to sustainable growth.
Three weeks before Japan increased its sales-tax for the first time in 17 years, Prime Minister Shinzo Abe turned to Nobel laureate Robert Shiller to try to restore a vital ingredient of his economic revolution: optimism.
As Japan’s economy fell into recession last year, Yoichi Uehara wanted to save money at his family firm. Firing workers wasn’t an option: Under Japan’s labor laws, that would have increased costs, not cut them.
Prime Minister Shinzo Abe’s victory in yesterday’s election solidifies his control over the Japanese government and gives him a freer hand to carry out economic reforms. Japan’s business leaders have a wish list for him.