The outlook for Japan, which turned a corner last year after two decades of stagnation, will become even brighter with the emergence of a “wage surprise,” according to Prime Minister Shinzo Abe.
In an editorial published on the World Economic Forum and Project Syndicate websites this week, Abe said he has come away from initial meetings between the government, business and labor leaders on a strategy where wage growth leads to stronger economic growth with confidence.
Abe said Japan is now seeing the emergence of a new consensus that the government, business and labor groups should work together to lift wages and bonuses.
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