Japan will raise the minimum hourly wage to an average of 1,004 yen ($6.91), exceeding the level proposed by a government panel, as inflation crimps consumers’ spending power. Japanese prefectures are set to boost the lowest pay by an average of 43 yen an hour for the current fiscal year, the labor ministry announced on Friday. The increase, the largest since records of wage rises began in 1978, will take effect in October. The government’s advisory panel had recommended an increase of 41 yen to 1,002 yen for this fiscal year. Tokyo, which has the highest minimum wage in the country, plans a raise of 41 yen to 1,113 ... (full story)