More Than Half of Japanese Suffered Drop in Standard of Living

Japan has just announced a radical shift in its military and security posture, and a sharp increase in defense spending for the years ahead. At the same time, a new survey by the Bank of Japan reports that more than half of Japanese households have experienced worsening living standards as a result of soaring inflation, which is the worst in 40 years. A record 63% of respondents named inflation as a key factor shaping their drop in spending.