Inflation & Prices
Japan’s Ishiba Renews Pressure on Companies to Ramp Up Pay
- Wage deals this year hit a 33-year-high for major union
- Real wages continue to be lackluster amid ongoing inflation
Japanese Prime Minister Shigeru Ishiba called on companies to continue ramping up pay for workers, as his government seeks to secure stable inflation and economic growth while also responding to the rising cost of living.
“I asked for cooperation in next year’s wage negotiations for a substantial wage increase, building on this year’s momentum,” Ishiba said after meeting with labor union and business leaders. Average wage deals this year hit a 33-year-high as firms responded to demands to raise pay amid ongoing inflation.