Japan's 'shunto' wage negotiations led to the highest wage increase in 30 years, benefiting 16% of workers in large companies, while small and medium enterprises may offer less generous pay hikes due to inflation.

Japan's 'shunto' wage negotiations resulted in its highest wage increase in over 30 years, but only 16% of workers, concentrated in large companies, benefit. Small and medium enterprises may face less generous pay hikes due to inflation, leaving over 80% of workers potentially unaffected by the wage hikes. The Bank of Japan raised interest rates for the first time in 17 years to support the wage increases, hoping it will boost domestic demand and inflation.

April 03, 2024
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