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Japan's labor market under demographic decline - evolving dynamics and macroeconomic implications

· Kazuo Ueda, Governor of the Bank of Japan (Japan)

Summary written by Dark Majestic in its own words · topics: monetary policy and interest rates, labour markets and jobs

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· Kazuo Ueda Wiki · Bank of Japan WikiJapan's labor market under demographic decline - evolving dynamics and macroeconomic implications

ContextPanel remarks at the Jackson Hole Economic Policy Symposium hosted by the Kansas City Fed; the Bank of Japan pursues price stability and faces a shrinking workforce.

Why it mattersAt Jackson Hole, Japan's governor explains how a shrinking workforce is changing wage setting and what it means for monetary policy.

Problems raised
  1. Japan's population is shrinking.
  2. The labour market is very tight.
  3. Firms were slow to raise base wages.
Solutions proposed
  1. Extend employment of seniors up to 70.
  2. Encourage wage increases to retain staff.
  3. Consider labour tightness in monetary policy.
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