Major Japanese companies have agreed to raise monthly employee pay by 8,621 yen, or 2.54 pct, on average so far during this year's "shunto" spring labor-management negotiations, the Japan Business Federation, or Keidanren, said Wednesday.
The result of the federation's initial survey for the year represented the biggest increase for such a survey since 8,800 yen in 1994. The percentage growth is close to 2.59 pct in 2015, topping 2.19 pct in 2016 and 2.18 pct in 2017.
This is the fifth consecutive year that the government has asked companies to raise wages in labor-management negotiations.
Based on Prime Minister Shinzo Abe's call for raising wages by at least 3 pct, Keidanren has asked its member companies to reach the requested level.
The initial survey, based on answers from 68 companies, showed that the average hike came to 15,445 yen, or 2.92 pct, among construction companies, 9,866 yen, or 2.91 pct, among automakers, and 8,814 yen, or 2.27 pct, among wholesalers and retailers, including department stores and supermarkets.
The average winter bonus for workers at major Japanese businesses rose 1.77 percent from a year earlier to a record ¥951,411 this year, a survey showed Wednesday. (Japan Times)
Finance ministers and central bank governors of the ASEAN states, along with Japan, China, and South Korea say they will discuss a plan to incorporate Japanese and Chinese currencies in a swap program to ensure financial stability in the region.
(NHK)
Tokyo's benchmark Nikkei Average saw its biggest fall of 2019. The drop followed a plunge on Friday on Wall Street that came amid new worries of an economic slowdown.
(NHK)
As trade talks between Japan and the US look likely to start soon, and the price of oil drops in Japan, the value of the Yen is increasingly under threat of deflation.
(newsonjapan.com)
The average price of all types of land in urban areas rose last year for the first time since 1992 as the growing influx of foreign tourists rejuvenated real estate investment, the government said Tuesday.
(Japan Times)
The Japanese economy will likely once again be assessed as "recovering at a moderate pace" in the government's monthly report due out Wednesday, which also will note potential risks from overseas economies. (Nikkei)
Japan will tighten oversight of pay for foreign employees through ordinances issued Friday, aiming to address major concerns over working conditions as the country prepares to accept more labor from abroad starting next month. (Nikkei)
Since the 2008 global financial crisis, expansionary monetary policy has been the order of the day in most of the major advanced economies. (Japan Times)
Chief Cabinet Secretary Yoshihide Suga denied a media report Thursday that the government is considering introducing a minimum wage for specific industrial sectors that would apply to workers nationwide, regardless of where they live. (Japan Times)