Wage Hike Negotiations in Japan Could Signal Shift in Bank of Japan's Monetary Policy
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Wages in Japan have historically lagged behind other industrialized countries, with only a 10% increase in nominal terms between 1991 and 2020. Adjusted for inflation, real wages in Japan have only risen by 3% over the past three decades. However, labor unions in Japan are now demanding record-level wage increases in the annual spring negotiations. Japan's largest trading union, Rengo, claims that the average wage hike demand has reached 5.85%, the highest figure in 30 years .
Toyota Motor Corp. has agreed to meet its labor union's demands for increases in salary and bonuses for the fourth straight year. The exact figures for the wage hike have not been disclosed, but last year the automaker boosted compensation by the most since 1999. The agreement with the union is seen as a sign that ...
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