Japan's largest union group confirms Japanese firms to raise wages by 5.25% this year, the biggest increase since 2013.

Japan's largest union group Rengo confirmed that Japanese firms have agreed to raise wages by 5.25% this year, the biggest increase since 2013. This move supports Prime Minister Fumio Kishida's goal of high wage growth and Bank of Japan Governor Kazuo Ueda's aim for sustainable wage growth and inflation. The wage increases are expected to help overcome deflationary pressures and shift away from massive monetary stimulus.