Japan's Kishida vows measures to cushion blow from rising inflation
© Reuters. FILE PHOTO: Japan's Prime Minister Fumio Kishida addresses members of the media during a press conference at the Park Lane Hotel on the sidelines of the UN General Assembly, in New York City, U.S., September 20, 2023.
With the rise in wages proving too slow to offset"rapidly rising prices", the government will cushion the blow by returning to households some of the expected increase in tax revenues generated by solid economic growth, Kishida said. "To ensure this change takes hold, we must achieve sustained, structural wage increases and promote investment through private-public cooperation," Kishida added.While big firms have pledged pay hikes, inflation-adjusted real wages, a barometer of consumer purchasing power, fell 2.5% on the year in August for a 17th straight month of declines, as persistent price hikes outpaced salary growth.
Such steps would be a temporary buffer to ensure Japan makes a complete exit from deflation, and will be accompanied by tax breaks for companies that boost wages and investment, Kishida said.
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