July 2023 5th: Can Japan Transform into a "Country Where Wages Rise"?
What is behind Japan's slow wage growth over the last 30 years?
Also, what is necessary for Japan to change into a "country where wages rise" in the future?
In order for Japan to achieve a wage level that does not look inferior to other countries, how much further wage increase is desirable?
In order for Japan to transform itself into a country where wages rise, we must remove the factors that have suppressed wage increases for the past 30 years. It will require not only politics, but also reforms in the awareness and behavior of managers and workers themselves in each industry.
Of course, raising wages abruptly would have a large impact on the economy and society, and would not be an easy thing to do. However, prices are also rising. Is a wage increase of about 4% enough in a situation where living expenses are increasing, such as gasoline, electricity, soaring material prices, and rising food prices, including wheat and sugar? I do not think so.
All Japanese should be aware that "Japan is lagging behind in terms of wages." In this way, let's not only have the government play a central role in implementing policies to increase wages, but also change the mindsets of managers and the mindset of workers themselves, pool their wisdom, and change their behavior.
It is not an easy task to make a major shift from a country where wages do not rise, which has continued for 30 years, to a country where wages do rise.
In order for Japan to become a country where wages rise, it will be important for Japan as a whole to work together to raise wages, and to do everything possible to achieve this.
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