Abe to tackle corporate sector opposition to basic wage hike

Tokyo

HAVING won a new popular mandate for Abenomics at last Sunday's election, Japanese Prime Minister Shinzo Abe now faces having to confront corporate sector opposition to some of his policies such as raising basic wages in order to boost consumption, developments on Thursday suggested.

At the same time that the Bank of Japan (BOJ) reported on Thursday that corporate cash hoarding in Japan has reached record levels, chairman of the Japan Automobile Manufacturers Association (Jama) Fumihiko Ike expressed opposition to increasing basic pay scales, as Mr Abe has urged.