JAPAN | FUTURE | SOCIETY
I Made 6 Predictions for Japan in 2023 and Only 4 of Them Were Correct
Guess which ones I got wrong? (Hint: it’s got to do with inbound tourism and the Japanese yen)
At the beginning of 2023, I made 6 predictions for Japan. Here’s an update on where we are as we kick off 2024.
[Correct] #1 “Inflation continues in post-deflation Japan”
Research company Teikoku Data predicted price increases in over 30,000 items for 2023, eclipsing 2022.
This is probably a good thing for Japan as it placed trade unions in a good position to negotiate wage increments. Although I did not have very high expectations, major companies are indeed raising wages to the tune of an average of 3.58% based on a survey of 5272 major trade unions.
Although that figure seems small, it’s massive considering that this is the largest increase since 1993. Fast Retailing, the parent company of apparel brand Uniqlo even made the news for raising wages by as much as 40%.
2024 looks set for even larger wage increases. As a salaryman working in Japan, this is good news for me.
