Tetsushi Kajmoto and Kiyoshi Takenaka

TOKYO, Reuters -Fumio Kishida, Japan’s Prime Minister called for shareholders Tuesday to recognize the value of increasing wages. He made a strong push to fix the problem of low pay in the third largest economy.

Kishida stated at a press conference that he will compile a policy document on December 27 for small businesses to offset wage increases. He also said it was crucial to make every effort to increase wages.

Japanese businesses are cautious about raising prices after years of deflation. They don’t want to lose customers or market share. They have instead resorted to tightening their belts to reduce costs, which has left them with slim margins and flat-paying employees.

Kishida who called for “new capitalism” has made low wages one his major points. And he called for redistribution.

Paying a good salary is the first step to creating long-lasting corporate value. Kishida explained that it is important to communicate this message with large shareholders.

Kishida made the remarks just days after parliament had approved the 2021 extra budget, record-setting spending at $317 billion.

Budget of 36 trillion yen (317 billion dollars) earmarks money for COVID-19. It also includes cash payouts to families with children, and funds for tourism promotion.

He indicated that Japan’s COVID-19 Border Controls, which are among the most strict in the globe, would be maintained for the moment.

Kishida stated that he would arrange for this. Pfizer Coronavirus oral medications will be made available by the NYSE in early 2019.