Average Wages in Japan Hit Record High of 318,300 Yen Last Year

Jan 25, 2024 | News On Japan

TOKYO - The Ministry of Health, Labour and Welfare revealed that the average wage for full-time workers, including those in non-regular employment, reached a record high for the second consecutive year, amounting to 318,300 yen last year.

The preliminary figures from the ministry's annual survey, which aims to capture the wage realities across different ages and industries, were published on January 24th. This survey involves more than 78,000 businesses nationwide and is conducted yearly.

According to the survey, the average wage for full-time workers, including non-regular employees, was 318,300 yen in June of last year, marking a record high for the second year in a row. The growth rate from the previous year was 2.1%, the highest level in approximately 30 years. The increase in wages was particularly notable among younger age groups, with a 1.7% increase for those aged 55 to 59, compared to 2.7% for those aged 20 to 24, and 2.8% for those aged 25 to 29.

By industry, the electric power, gas, heat supply, and water industries boasted the highest average wages at 412,000 yen, followed by academic research, professional and technical services at 397,500 yen, and finance and insurance at 393,400 yen.

Typically, the Ministry of Health, Labour and Welfare publishes the survey results in March, but due to heightened interest in wages, this year marks the first time the publication has been moved forward. The ministry commented on the findings, "The increase in wages can be considered a result of the economic recovery from the pandemic and the growing momentum for wage increases. Companies should take this situation into account when considering wage hikes."

The government has been encouraging businesses to raise wages to support economic growth and improve the standard of living for workers. The trend in wage increases is also seen as a positive sign for Japan's economy, suggesting a potential increase in consumer spending, which could further drive economic recovery. The ministry's early release of the data underscores the importance of timely and relevant wage information in shaping economic policies and business decisions.

Source: NHK

Japan Introduces Stricter Penalties for Drunk Driving

Japan began applying a new numerical alcohol threshold for dangerous driving offenses on July 21, introducing a clearer standard for cases involving impaired driving that could lead to fatal accidents.

Japan Sets Investment Strategy

Prime Minister Sanae Takaichi's government approved its first annual basic economic and fiscal policy on Tuesday, pledging "responsible and proactive fiscal policy" and envisioning about 370 trillion yen in public- and private-sector investment in strategic industries through fiscal 2040.

Japan Scrambles for Oil

A covert network of shuttle tankers is carrying crude through the increasingly dangerous Strait of Hormuz as renewed fighting between the United States and Iran disrupts shipping and raises concerns over how Japan will secure the oil it needs.

Russia Calls Japan-Ukraine Drone Cooperation a Clear Hostile Act

Russian Deputy Foreign Minister Andrey Rudenko has criticized moves by Japanese and Ukrainian companies to cooperate on drone technology, warning that such ties would be regarded by Moscow as a "clear hostile act."

Rainy Season Ends in Kanto-Koshin

The rainy season ended in the Kanto-Koshin and Tokai regions on July 20 as strengthening high pressure brought intense heat across Japan, with temperatures forecast to reach 38 C in Kumagaya, Saitama Prefecture, and Kofu.

MEDIA CHANNELS

MORE Business NEWS

Nikkei Rebounds as Bargain Hunters Return to AI Shares

Tokyo stocks rebounded sharply on July 21 as investors bought back semiconductor and artificial intelligence-related shares after last week’s steep selloff, while attention shifted to upcoming U.S. technology earnings and the government’s new economic policy roadmap.

Oil Surge Tests Tokyo Markets on Marine Day Holiday

Japanese cash equities were closed for Marine Day on July 20, leaving investors to assess whether Tokyo can stabilize after last week’s technology-led rout as oil prices rose above $90 a barrel, the yen remained near four-decade lows and global markets braced for another test of the artificial intelligence trade.

Apple Hikes iPhone Prices in Japan

Apple has raised prices for iPhones sold in Japan, with the top-end iPhone 17 Pro Max now costing more than 210,000 yen, as the prolonged weakness of the yen increases the local cost of products priced and managed in US dollars.

Mexican Crude Oil Arrives in Japan After 70-Day Voyage

A tanker carrying about 1 million barrels of Mexican crude oil arrived off Yokkaichi, Mie Prefecture, on the morning of July 17, marking Japan's first such delivery since the Strait of Hormuz was effectively closed.

Nikkei Enters Correction as Chip Rout Deepens

Tokyo stocks plunged on July 17 as a global selloff in semiconductor and artificial intelligence-related shares pushed the Nikkei 225 into correction territory, while Middle East tensions, higher oil prices and persistent yen weakness added to pressure on investors.

Nissan Unveils First New Elgrand in 16 Years

Nissan Motor unveiled a fully redesigned Elgrand minivan on July 17, marking the model's first complete overhaul in 16 years, while introducing a new brand message as the automaker seeks to rebuild its business and revive sales.

Japan 7/11 Plans Major Polish Takeover

Seven & i Holdings is considering investing several hundred billion yen in Zabka Group, Poland's largest convenience store operator, as the Japanese retailer seeks to expand its presence in Europe.

Japanese Firms Increase Focus on Automation and AI

Japanese manufacturers including Fanuc, Yaskawa Electric, Fujitsu, Hitachi, Kawasaki Heavy Industries and Komatsu announced new artificial intelligence initiatives on July 16 as Nvidia expanded its partnerships with Japan's robotics and industrial sectors.

< 2 3 4 5 >