Reuters: US Dollar Report: Japan PM targets income gains in growth strategy

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Japan PM targets income gains in growth strategy Jun 5th 2013, 04:21 TOKYO, June 5 | Wed Jun 5, 2013 12:21am EDT TOKYO, June 5 (Reuters) - Japanese Prime Minister Shinzo Abe pledged on Wednesday to raise incomes by three percent annually over 10 years and set up special economic zones to attract foreign technology, people and funds as part of his strategy to revitalise the world's third-biggest economy. An income boost is vital to the success of Abe's ambitious programme aimed at ending years of entrenched deflation and decades of economic stagnation. Abe unveiled the income target in a speech on Wednesday along with other steps to be included in a package to be approved by the cabinet on June 14. The Bank of Japan's sweeping monetary expansion campaign announced in April targets achieving 2 percent inflation in less than 2 years, and analysts say wages will have to move higher to put the economy and consumer prices on a sustainable upward track.

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