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Japan's economy narrowly averted a recession

Japan's economy narrowly averted a recession | 15 March 2023

15 March 2023, USD/JPY

Japan's economy narrowly averted a recession

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Top Japanese companies offered their largest pay increases in a quarter century as the outcome of annual labour talks showed them heeding, at least for now, Prime Minister Fumio Kishida's calls for higher wages to counter inflation. Big companies are expected to raise wages by around 2.85% at the "shunto" spring wage. Given that consumer inflation, at 4.1%, outpaces wage hikes, pay rises of 3% or more need to continue in the coming years to sustain price stability at the central bank's targeted 2%, said Hisashi Yamada. Japan's wages have grown just about 5% over the last 30 years, far below an average 35% gain among member countries during the same period, OECD data shows.

Investment idea: range 134.00 - 135.50.

David Johnson
Analyst of «FreshForex» company
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