Nipponica

Japan's wage levels are low by international standards, hindering consumption growth. And many businesses recognize the need for wage increases. A survey by the Japan Chamber of Commerce and Industry found that over 40% of small and mid-sized enterprises believe the minimum wage should be increased. On the other hand, 65% of companies feel burdened by the current wage level, reflecting the tough business environment, including rising raw material prices.

As is the case in many recent stories, this is far from a Japan-only issue. Minimum wages have stagnated in many countries, but with the yen's rapid devaluation, Japanese workers may be feeling it more. While it will likely hurt small businesses in the short term, it is necessary to raise the economic stability of society as a whole.