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Japan's Cabinet approved a plan to cut the consumption tax on food and beverages from 8% to 1% for two years starting next April, marking the first reduction since the tax's 1989 introduction. The policy aims to alleviate cost-of-living pressures from inflation, though fiscal implications remain a consideration.
Young Chinese are increasingly sharing beds and cutting expenses to cope with economic uncertainty. This trend, seen in major cities and beyond, highlights the financial strain of high living costs and a competitive job market.
Japan's political parties ended months of discussions on reducing consumption tax on food and beverages without reaching consensus, leaving the final decision to Prime Minister Sanae Takaichi. The proposal aims to ease inflation's impact on consumer spending, but disagreements over scope and budget concerns blocked a deal.
Japan's labor ministry panel approved raising the national average minimum wage for fiscal 2026 to 1,176 yen/hour, a 4.9% increase. The move addresses rising living costs and marks the third straight year of major wage hikes. Local rates will be finalized by October 2026.
Canada's annual inflation rate hit 3.2% in May, a 29-month high, fueled by a 33.2% surge in gasoline prices. The rate breached the Bank of Canada's 1-3% target range for the first time in nearly two and a half years. Economists expect May to be a peak as a U.S.-Iran peace deal is set to lower oil prices in June.
Japanese Prime Minister Takaichi announced on June 16 that negotiations to cut the consumption tax on food to 1% are progressing. The policy aims to ease living costs and stimulate domestic consumption. Implementation details are still under discussion.
India's total fertility rate has dropped to 1.9 children per woman, below the replacement level of 2.1, as young couples increasingly prioritize careers, face higher living costs, and benefit from better education and contraception access. Experts cite universal education, rising expenses, and shifting social norms as key reasons for the decline. The trend varies sharply by state, with Bihar at 2.9 and New Delhi at 1.2.
Taiwan's economy is booming thanks to AI-driven chip exports, but many citizens feel left behind as non-tech sectors struggle. The semiconductor industry accounts for over 20% of GDP, yet only employs a small fraction of the workforce. Rising inequality, stagnant wages outside tech, and soaring costs fuel public anxiety.
In a bid to cushion the impact of Middle East tensions, the Japanese government on May 26 approved the use of 513.5 billion yen (around $3.2 billion) from this fiscal year's reserve fund to reinstate energy bill subsidies for the summer. The funds will cover electricity and gas costs for households and businesses during peak demand, aiming to stabilize the energy market and support the public amid rising prices.
