The outcome of annual labour talks showed Japan Inc heeding Prime Minister Fumio Kishida's calls for higher wages to counter a surge in inflation.
Given that consumer inflation, at 4.1%, outpaces wage hikes, pay rises of 3% or more need to continue in the coming years to sustain price stability at 2%, the central bank's target, said Hisashi Yamada, senior economist at Japan Research Institute., a cornerstone of corporate Japan, said it would increase overall pay by an average of 3.9%, compared to a 2.6% increase a year earlier.
The JERC survey showed that excluding seniority-based pay, base compensation that boosts fixed labour costs accounts for just 1.08%. What's unique about shunto in Japan is that every March, more than 300 major firms capitalised at 1 billion yen or more and with 1,000 or more workers, negotiate with their union following wages pace-setters such as Toyota Motor Corp.
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