ICYMI – Japan to boost the minimum wage, "largest increase" ever

<p>The Bank of Japan is keen to see rising wages to help cement inflation at or above its 2% target. </p><p>The latest data shows CPI well above 2%, and indeed underlying inflation more than double that, but the BOJ insists its transitory util wages rise. </p><ul><li><a href="https://www.forexlive.com/news/japan-core-core-cpi-data-comes-in-above-4-again-hits-43-in-july-20230817/" target="_blank" rel="follow" data-article-link="true">Japan core-core CPI data comes in above 4% again, hits 4.3% in July</a></li></ul><p>ICYMI, a subcommittee of Japan's Central Minimum Wages Council (an advisory body to the minister of Health, Labor, and Welfare) has decided to raise Japan’s weighted average minimum hourly wage by ¥41 in fiscal 2023. </p><ul><li>this has been described as the largest increase since the current method was adopted of indicating wages on an hourly basis. Its well above the ¥31 increase the previous fiscal year. </li><li>this'll bring the minimum wage to ¥1,002</li></ul><p>USD/JPY update, its just past 6am in Tokyo, and 5am in Hong Kong and Singapore, so still every thin trade:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.