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Energy prices and a weak yen are among the factors propelling rising consumer prices, which jumped 7.4 percent year-on-year in July. This was the biggest increase since 2014. Wages have not increased accordingly, but the Bank of Japan does not intend to alter its policies, believing the inflation to be temporary.
The World Trade Organization on Thursday upheld South Korean import bans on some Japanese seafood in the wake of the 2011 Fukushima nuclear disaster, overturning a previous decision. The ruling came as a disappointment to Tokyo.
Japan is considering withdrawing from the International Whaling Commission to resume commercial whaling next year, government sources said on Thursday. The move would spark criticism from Australia and other anti-whaling nations over whale conservations.
The government plans to keep the consumption tax rate at 8 percent for daily necessities such as food and beverages after the planned tax hike to 10 percent in October 2019. It is also considering offering 2 percent rebates for cashless payments at small and medium-sized operators for a limited period.
Japan and the European Union on Tuesday signed an economic partnership agreement that will eliminate nearly all tariffs. Japan’s dairy industry is voicing concerns over losing market share, while its consumers are expected to enjoy lower prices for various products.
The Health, Labor and Welfare Ministry disclosed on Monday that additional irregularities were found among its work-hour data on the discretionary labor system. The government has rejected opposition calls for a redo of the survey.
