Japan's Unions Win Record Wage Rises

TOKYO, Mar 14 (News On Japan) - On March 13, the day of concentrated responses in the spring labor negotiations, major corporations announcing significant wage increases exceed last year's figures.

In industries such as steel and automobile manufacturing, Spring labor negotiations have resulted in record high wage rises. Nippon Steel responded with a record high base salary increase of 35,000 yen, surpassing the requested amount. Electric companies have followed suit with responses of 13,000 yen each. Toyota has also responded with full amounts.

Prime Minister Kishida has emphasized the importance of this year's spring labor negotiations, stating that they are crucial for the future of the Japanese economy.

With the Bank of Japan's monetary policy meeting approaching next week, Governor Ueda has mentioned that the progress of the spring labor negotiations will be a key factor in deciding whether to lift the negative interest rate policy.

The extent to which the trend of substantial wage increases in major corporations will spread to small and medium-sized enterprises, and whether this will outpace inflation to result in a positive real wage growth, remains a key point to watch.

Source: ANN

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