FOCUS: Input cost rise, Omicron await as PM Kishida pins hopes on wage hikes

Economy

Japanese Prime Minister Fumio Kishida is counting on companies to raise wages to accelerate wealth redistribution, the centerpiece of his push for a new form of capitalism. Companies will need to factor in a recovery in their earnings from the COVID-19 pandemic but also heftier energy and material costs and the unknown impact of the Omicron coronavirus variant when annual labor-management wage negotiations begin in the spring of 2022. Wage growth is critical for consumers to step up spending and rejuvenate the world's third-largest economy, analysts say. Higher consumption should make companie...

Kyodo News

Kyodo News