Economy

Japan Keeps July Economic View Unchanged

Yomiuri Shimbun file photo
The cityscape of Tokyo

Jiji Press

20:53 JST, July 26, 2023

TOKYO (Jiji Press) — The government kept its headline economic assessment unchanged in a monthly report released Wednesday, while paying close attention to the impact of corporate wage increases following this spring’s labor-management negotiations.

“The Japanese economy is recovering at a moderate pace,” the Cabinet Office said in the July report, adopting the same basic view for the third straight month.

The focus is on “whether robust wage increases will stimulate private consumption” and other sectors in the future, a Cabinet Office official said in a press briefing.

In May, regular pay for full-time workers grew at the fastest pace since comparable data began in 1993, according to the government agency.