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Business Matters: Some Japanese workers promised inflation-busting pay rises

Some Japanese workers promised inflation-busting pay rises

12/01/2023 GMT

BBC World Service - Business Matters, Some Japanese workers promised inflation-busting pay rises

The country’s core consumer price index rose 3.7% in November compared to a year earlier.

Japan is facing with the biggest drop in living standards in nearly a decade as inflation continues to soar.

Last week Japan's prime minister called on firms to put up wages to help people struggling with rising prices. It comes as salaries in the country remain flat even as inflation is going up at its fastest rate in decades. In response, the Japanese clothes retailer, Uniqlo, has announced it will give its employees a huge pay rise.

Meanwhile, a lawyer for the failed cryptocurrency firm, FTX, says his team has salvaged more than five billion dollars in assets following the company’s spectacular collapse in November. Andrew Dietderich told a US bankruptcy court (in Delaware) that efforts to sell other assets with a book value of more than four billion dollars were in hand -- but warned the final hit to nine million investors remained unclear.

(Picture: Businessmen meeting and working in a big city. Picture Credit: Getty Images)

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