The soaring cost of living in Japan has become a severe issue, pushing many citizens to the brink and leading to a tragic increase in suicides.
Inflation in Japan has hit a 41-year high, with core consumer prices rising by 4% from a year earlier. This increase is driven by higher import costs, particularly for raw materials and energy. The yen’s decline against the U.S. dollar has made imports more expensive, further contributing to the rising cost of living. Everyday items, from food to household necessities, have seen price hikes, with some items increasing by as much as 15%.
Japanese households are feeling the pinch as wages have remained stagnant for decades. The average cost of living in Japan is $1160, which is 1.06 times more expensive than the world’s average. Rent in Japan is, on average, 65.6% lower than in the United States, but this doesn’t offset the overall increase in living costs.
The mental health impact of this economic pressure is profound. Financial stress is a significant factor contributing to mental health issues, and there have been reports of individuals considering drastic measures, including suicide, due to the economic pressure. The COVID-19 pandemic triggered a mental health crisis, particularly among women and young people in Japan. The prevalence of depression in Japan doubled to 17.3% in 2020, up from 7.9% in 2013. The number of suicides in Japan in 2022 increased by 4.2%, totaling 21,881. This marked the first time that the number of suicides among school students exceeded 500 since records began.
The Japanese government has adopted new suicide prevention guidelines with enhanced support for women and young people. However, more comprehensive measures may be needed to alleviate the financial burden on its citizens and address the mental health crisis.
Sources:
https://finance.yahoo.com/news/bankruptcies-suicide-rise-japanese-struggle-010000183.html
https://www.statista.com/topics/5259/suicide-in-japan/
https://www.nippon.com/en/japan-data/h01624/
https://www.statista.com/statistics/622065/japan-suicide-number/