The outcome of 'shunto' wage talks with unions will be crucial to how soon the Bank of Japan could end its bond yield control policy under incoming governor Kazuo Ueda.
World’s largest carmaker Toyota accepted a union demand for the biggest base salary growth in 20 years, while gaming giant Nintendo plans to lift base pay by 10%.
Such hikes would meet Kishida’s calls for companies to offer annual wage hikes of 3%, but miss an ambitious goal of a 5% pay increase demanded by Japan’s labor umbrella Rengo. After hitting a nearly 42-year high of 4.3% in January, core consumer inflation in Japan’s capital Tokyo – a leading indicator of nationwide trends – slowed to 3.3% in February.
“A virtuous cycle between wages and prices is unlikely,” he said of the chance Japan can achieve a combination of rising prices and higher wages – a condition the BOJ sees crucial in heading for an exit from its ultra-loose policy.
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