Japan's workers are set for big pay increases after 'shunto' negotiations. This is why it matters
Publishing timestamp: 2024-03-15 04:28:53
Summary
Japan's largest trade union, Rengo, announced that workers at the country's biggest firms are set for the sharpest wage spike in more than three decades. This is expected to push the Bank of Japan towards ending its long-held policy of negative interest rates. Major companies like Toyota have already agreed to significant pay increases for workers, leading to speculation about a potential rate hike by the BOJ at its upcoming policy meeting. The increase in wages is seen as a positive sign for the Japanese economy, which has struggled with stagnant wages for years.
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Source: https://www.cnbc.com/2024/03/14/japan-2024-shunto-spring-wage-negotiations.html