Japan’s largest labor union group said its workers secured an average pay increase exceeding 5% for a third straight year, a development that likely will keep the central bank on track for another interest rate hike in the coming months.
Labor unions that are part of the federation known as Rengo have so far secured an average pay increase of 5.26% in wage negotiations with employers, according to an initial tally released Monday. The figure was slightly weaker than last year’s initial reading of 5.46%, while base pay gains averaged 3.85%, up from 3.84% a year earlier.
Workers demanded a 5.94% increase in total wages.
AloJapan.com