The Japanese media outlet, Jiji press, reported that the country’s Labor ministry will resume talks on the stalled minimum wage talks on Monday. The minimum wage is being considered to rise from JPY 28 to JPY 30.

Key details

“A subcommittee of the Central Minimum Wages Council, which advises the labor minister, will meet to discuss minimum wages for fiscal 2022, which started in April.”

“The focus is on whether management and labor representatives can bridge gaps between them regarding the sizes of pay increases and the basis for calculations.”

“Both sides agree on the necessity of raising minimum wages amid inflation. Many small businesses, however, are financially weak due to higher materials costs.”

Market reaction

At the time of writing, USD/JPY is consolidating the latest decline to 132.09. The pair is trading at 132.58, still down 0.45% on the day.