日本实现包容性增长的可持续途径：如何解决收入不平等问题？（英）2024

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - Income inequality in Japan has been steadily rising since the 1980s, now approaching the OECD average, with market income inequality increasing by nearly 60% from 1980 to 2019 [15][16]. - The increase in employment among females and the elderly has helped reduce income inequality, but this has been offset by their predominance in low-paid, part-time jobs [3][39]. - Fiscal redistributive effects from social transfers have been somewhat equalizing but are relatively weak in impact [3][39]. Summary by Sections A. Introduction - The report emphasizes the importance of addressing income inequality for sustainable growth, noting that higher inequality can reduce aggregate demand and hinder growth [13][14]. B. Macroeconomic Trends in Income Inequality - Market income inequality has risen significantly, with the Gini coefficient for market income increasing by nearly 60% since the 1980s [15][16]. - Gross and disposable income inequality have increased less dramatically, with disposable income inequality still higher than the OECD average [18][19]. C. Empirical Analysis: Data and Methodology - The analysis utilizes data from the Japan Household Panel Survey and the Keio Household Panel Survey, focusing on income sources from 2010 to 2019 [21][22]. - The Gini index is decomposed to understand the contributions of different income sources to overall inequality [24][25]. D. Results - Overall gross income inequality has slightly declined, while market income inequality has increased by 1.7% [29]. - Wage income constitutes about 70% of household income, with regular wage income being the largest component [30]. - Transfers have a redistributive effect, reducing inequality, while increases in regular employment and capital income have the opposite effect [34]. E. Policy Recommendations - Key recommendations include reducing labor market dualism, improving labor mobility, and better targeting social benefit programs to lower income inequality [56][57][58].