Japanese companies record the largest pay increase in 34 years, providing key support for the central bank's interest rate hike process
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Japan's largest labor union group, Rengo, announced that Japanese companies have agreed to a salary increase of 5.25% this year, marking the largest increase in 34 years, reflecting the impact of inflationary pressures and labor shortages. A new consensus has formed in the business community: salary increases must exceed the inflation rate. It is expected that next year's salary increase will remain around 5%, and stable wage growth is a core prerequisite for the Bank of Japan to resume interest rate hikes. Economists predict that next year's wage increase could reach 4.7%
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