MOST JAPANESE FIRMS AGREE TO UNION WAGE HIKE DEMANDS IN FULL

The central focus early Wednesday is on the outcome of Japan’s wage negotiations, with the country’s largest trade union confederation, Rengo, having demanded pay rises of 5.85% this year, topping 5.0% for the first time in 30 years.

Citing Japanese media outlets, Reuters reported that the union wage demands for a hike of JPY18,215 have been met.

In sync with the Japanese unions’ demands, Toyota responded in full to the Toyota Automobile Workers' Union's demands for wages and annual lump-sum payments (bonuses), which were at record high levels, per Reuters.

The amount of wage increases requested varies by job type and rank, but the maximum amount is 28,440 Yen per month.

Meanwhile, Okuma Corp hiked wages by 15,960 Yen per month