Xinhua world economic news summary at 0900 GMT, July 25

TOKYO -- A Japanese government panel has agreed to raise the country's minimum hourly wage by 50 yen (about 32 U.S. cents) for fiscal 2024, the sharpest hike ever, as many workers feel the pinch of rising costs of living, local media reported.

The hike, proposed Wednesday by the labor ministry's Central Minimum Wages Council, will bring the average hourly pay to a record 1,054 yen, up 5.0 percent from the curren