It was found that Sumitomo Mitsui Trust Bank is making final adjustments to raise wages this year by an average of about 4.5%, including base increases. This is the first time in seven years to take into account of the rise in domestic prices.

According to Tankan (Corporate Short-term Economic Observation Survey) released by the Bank of Japan, the index showing the economic judgment of large companies deteriorated for the first time in 7 quarters in both manufacturing and non-manufacturing industries. It has become clear that the further rise in raw material prices triggered by Russia’s invasion of Ukraine has become a burden on the economy.

The Ministry of Finance raised its economic forecast for three of the country's 11 regions, including the Tokai region, while leaving its forecast for the other regions unchanged. Regarding the future, the ministry said, "We need to pay close attention to the impact of the new coronavirus on the regional economy," in light of the situation where the infection of the new coronavirus is spreading.

The Consumer Attitude Index for July, which indicates consumers' willingness to shop, improved for the second consecutive month, up 0.1 points from the previous month. However, the increase in the index was only modest and is believed to have been affected by the rapid spread of the new coronavirus infection in Tokyo and other areas

Tokyo Electric Power Company (TEPCO) has formally decided to appoint Yoshimitsu Kobayashi, former secretary general of Keizai Doyukai (Japan Association of Corporate Executives), to the vacant position of chairman.

Tokyo Stock Exchange on the 28th, the beginning of the week, stock prices moved modestly.

In the Tokyo foreign exchange market on the 24th, the yen was trading at around 111 yen to the dollar with small price movements.

The Dow Jones Industrial Average (DJIA) closed at $33,945.58, up $68.61 from the previous day, as the much-anticipated testimony by Federal Reserve Chairman Jerome Powell was seen as within expectations.

On April 22, Nidec Corporation held a general meeting of shareholders in Kyoto City's Minami Ward. About 200 shareholders attended the meeting, where Chairman Nagamori reported a personnel plan to replace the position of CEO (Chief Executive Officer) with that of President Jun Seki, which was announced in April of this year.

On the 21st, stock prices in Asia and Oceania fell in many markets due to widespread sell orders on the view that the timing of the policy rate hike in the US may be earlier than expected.

On the 16th, the Dow Jones Industrial Average (DJIA) was down on the New York Stock Exchange after the Federal Reserve Board (FRB), the central bank of the U.S., moved up its prediction of when it would lift its zero interest rate policy.

The national average retail price of regular gasoline this week was 154.5 yen per liter, up 1.6 yen from last week. This is the second consecutive week of price increases and the highest level in two years and seven months.