How do I achieve the 'Very Good' and 'Excellent' ratings when chopping wood and what are the benefits of doing so?

In Shenmue III, one of the minigames where Ryo Hazuki can earn money is chopping wood for a few of the NPCs. While playing this minigame I've noticed occasionally the words 'Very Good' or 'Excellent' appear on screen, accompanied by a strong reverb added to the sound of the axe striking the wood and the music changes from a relaxing song to a more intense one. What is the criteria and are there any benefits for these ratings?

Solution 1:

You have to chop the wood directly in the centre to achieve a "Very Good" chop. If you hit three "Very Good" chops in a row, then it becomes an "Excellent" chop. The streak of "Excellent" chops will continue until you don't hit it dead centre anymore.

I don't know exact numbers, but I found I would definitely earn more money if I achieved a good number of "Very Good"/"Excellent" chops.

Something I found useful was to follow Ryo's eyes to determine when you were facing the exact centre of the log.