Japan¡¯s annual wage negotiations concluded with average pay gains topping 5% for a third year, underscoring the economy¡¯s resilience and reinforcing the Bank of Japan¡¯s stance to keep raising interest rates.
Workers at 5,368 companies affiliated with Rengo, the country¡¯s largest labor union group, secured an average wage increase of 5.01%, according to the group¡¯s final tally released Friday. While the figure came in lower than last year¡¯s 5.25%, it met Rengo¡¯s 5% target for a third straight year.
Rengo represents roughly 7 million workers, or about 10% of Japan¡¯s labor force. The group released its first tabulation of results in March and has updated the figure several times after gathering data from a widening pool of companies. Typically the result slips with each update, as more smaller companies report.
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