[Japan's Minimum Wage Expected to Rise Steadily, Supporting BOJ's Rate Hike Path] Jin10 News, July 29 – Japan's Ministry of Labor advisory panel on Tuesday proposed raising the nationwide average minimum hourly wage by 4.9% for this fiscal year, reaching 1,176 yen (approximately $7.18). Although lower than last year's record 6.3% increase, this hike still represents an hourly increase of 55 yen, the second-highest in history. The new minimum wage standard will apply to over 50 million workers and is expected to be gradually implemented starting in October, after regional authorities finalize their respective standards. This move will support the Bank of Japan's efforts to establish a virtuous cycle, where wage growth drives stronger demand and stable price increases—key factors for further rate hikes. With the yen's depreciation leading to higher import costs for energy and food, squeezing household spending, the pressure on the central bank to continue raising its benchmark interest rate is also mounting.