TOKYO: Japanese firms offered the biggest pay hikes in three decades at this year's negotiations with workers, the country's largest trade union group said on Wednesday (Jul 5), a development economists say will help revive anaemic consumer demand. A survey conducted by Rengo, Japan's umbrella trade union
TOKYO: Japanese firms offered the biggest pay hikes in three decades at this year's negotiations with workers, the country's largest trade union group said on Wednesday , a development economists say will help revive anaemic consumer demand.
The final survey of 5,272 unions affiliated with Rengo showed an average pay hike of 3.58 per cent, or 10,560 yen per month, the biggest increase since 3.9 per cent seen in 1993. Among them, SMEs raised wages by 3.23 per cent, also the fastest pace in three decades. BOJ Governor Kazuo Ueda has repeatedly stressed the need to keep policy accommodative until wages increase enough to keep price growth sustainably around its 2 per cent target.
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