- Reuters
UPDATE 4-Japan union group announces biggest wage hikes in 33 years, presaging shift at central bank
Japan's biggest companies agreed to raise wages by 5.28% for 2024, the heftiest pay hikes in 33 years, the country's largest union group said on Friday, reinforcing views that the county's central bank will soon shift away from a decade-long stimulus programme. Workers at major firms had asked for annual increases of 5.85%, topping the 5% mark for the first time in 30 years, according to trade union group Rengo. Rengo, which represents about 7 million workers, many at large companies, had set its eyes on hikes of more than 3% in base pay -- a key barometer of wage strength as it provides the basis for bonuses, severance and pensions.
