And corporate performance has improved -- primarily in the export industries, which have benefited from a depreciated yen -- with many companies posting their highest profits on record.
Japan’s Elderly Face Growing Risk of Poverty - WSJ
But Abenomics has yet to benefit everyone. In fact, there is a sense that Abe's policies are contributing to rising inequality. That is why Piketty's book appeals to so many Japanese. For example, though the recent reduction in the corporate-tax rate was necessary to encourage economic growth and attract investment, it seems to many Japanese to be a questionable move at a time when the consumption-tax rate has been increased and measures to address deflation are pushing up prices. To address this problem, the companies that enjoy tax cuts should increase their employees' wages to keep pace with rising prices, instead of waiting for market forces to drive them up.
Herein lies the unique twist that Piketty's theory takes on in Japan: the disparity is not so much between the super-rich and everyone else, but between large corporations, which can retain earnings and accumulate capital, and the individuals who are being squeezed in the process. Tap here to turn on desktop notifications to get the news sent straight to you.
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People with little discretionary income are nevertheless numerous enough to attract businesses to cater to them. Item No.
Japan's rising child poverty exposes true cost of two decades of economic decline
At least some of these offspring earn their keep by assisting their elderly parents, shopping, taking them to the doctor, preparing meals and performing household chores. But others are almost hopelessly dysfunctional, having dropped out of society in their teens or early 20s. The Cabinet Office estimated in that Japan has approximately , individuals suffering from hikikomori acute social withdrawal.
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