Fast Retailing, Asia’s largest clothing retailer and owner of the Uniqlo fashion brand, will raise employee wages in Japan by as much as 40 per cent as inflation in the country rises at its fastest pace in decades.
The sharp jump in remuneration follows Prime Minister Fumio Kishida’s calls on Japanese businesses to raise wages that have remained stagnant for decades, with companies struggling to transfer higher costs to consumers.
Economists expect other companies to follow suit but at a far smaller scale, raising questions on whether Japan can create a virtuous cycle of rising wages, rising consumption and rising prices.
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