Japan PM Abe says needs 3% increase in minimum wage to boost spending

Japanese Prime Minister Shinzo Abe at the 18th Asean-Japan summit in Kuala Lumpur.
Japanese Prime Minister Shinzo Abe at the 18th Asean-Japan summit in Kuala Lumpur. PHOTO: REUTERS

TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe said on Tuesday (Nov 24) the government needs to raise the minimum wage by an annualised 3 per cent to bolster consumer spending.

Abe, speaking after a meeting of the government's top advisory panel, also said his target was to raise the weighted national average minimum wage to 1,000 yen (S11.55). The national average of Japan's minimum wage was 780 yen (S$9) per hour last fiscal year, which is only enough to buy a bowl of ramen.