The owner of Uniqlo is boosting pay for Japan employees by up to 40%

Inflation bites 

Fast Retailing, the Japanese giant that owns popular clothing brands Uniqlo and Theory, will start paying its employees much more this year. The company announced Wednesday that it would boost salaries in Japan by up to 40%, acknowledging that “remuneration levels have remained low” in the country in recent years.

“This will include employees from headquarters and corporate departments responsible for the functions of the company’s global headquarters, as well as employees working in stores,” the firm said in a statement.

The move comes just days after Japanese Prime Minister Fumio Kishida called on business leaders to accelerate raises for workers, warning that the economy risked falling into stagflation if wage rises continued to fall behind price increases. Japan is grappling with the biggest drop in living standards in nearly a decade.

India Becomes World’s 3rd Largest Car Market

Sales volume in the country is expected to rise

India has officially booted Japan out of the number three spot in the global automotive market. Latest industry data, reported on by Nikkei, shows that for the first time ever, India is now the third largest global auto market.

For 2022, the country’s new sales came in at 4.25 million units, based on preliminary results from the Society of Indian Automobile Manufacturers. This figure tops Japan’s 4.2 million units for the year. Japan’s sales in 2022 were down 5.6% from 2021.

Between January and November, India had delivered 4.13 million new vehicles. The total hits 4.25 million after adding December’s sales volume reported Sunday by Maruti Suzuki, India’s largest carmaker, the report says. And sales volume in the country is expected to rise: there are still year-end results and sales figures for commercial vehicles that have yet to be included into the 2022 totals.

First Crypto Fund in Japan

The diversification benefits of cryptocurrencies

Japanese financial conglomerate SBI Holdings Inc. hopes to launch the country’s first cryptocurrency fund by the end of November.

The fund could include cryptocurrency staples such as Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, and grow to several hundred million dollars. The fund aims for investors who understand risks associated with cryptocurrencies. Due to these risks, investors will likely have to put down a minimum of 1-3 million yen ($9,000-$27,000). President of an SBI affiliate Tomoya Asakura particularly emphasized the diversification benefits of cryptocurrencies, rather than their speculative qualities. Asakura even acknowledged this “overwhelming perception that cryptocurrencies are highly volatile and speculative,” in regard to his mandate.

Global economy and finance


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