Japan Biz Leader Eager to Achieve Wage Growth of over 4 Pct

Jiji Press

19:52 JST, September 23, 2023

Sendai, Miyagi Pref., Sept. 22 (Jiji Press)—Japanese business leader Masakazu Tokura on Friday expressed an eagerness to achieve a wage increase of over 4 pct in “shunto” labor-management talks next spring.

Tokura, chairman of the Japan Business Federation, or Keidanren, made the remarks in a meeting with local business leaders in Sendai, Miyagi Prefecture, northeastern Japan.

This year’s shunto talks produced an average wage increase of 3.99 pct, the highest level in 31 years, among major companies surveyed by Keidanren.

Tokura told a press conference after the meeting that he wanted to see wage growth commensurate with price increases next spring.

At the same time, he backed away from mentioning the wage hike goal of over 4 pct, saying that how much companies raise wages will depend on how much prices go up.