TOKYO -- As Japan looks to stimulate consumer spending through pay hikes, a glaring problem has emerged: Pay increases do not benefit pensioners much. Given Japan's high proportion of retirees, encouraging older people to spend will be crucial if Japan is to escape its deflationary doldrums.
"I hesitate to spend boldly when I think about my future," said a man his 70s in Yokohama, south of Tokyo. Although he is willing to spend on things like gifts for his grandchildren, he tends to avoid big purchases.
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