Japan’s "spring offensive" wage negotiations, which are closely monitored by lawmakers and Bank of Japan officials, are off to a solid start.
Japan's largest labor union Rengo released the first tally of agreements reached so far in the annual exercise last week, which calls for an average increase of 5.46% including bonuses. Last year, the comparable figure for the shuntō negotiations was 5.28%, a 30-year high.
"It depends on where you set the bar, but I think it's fair to say it's a good start," said Yoshiki Shinke, senior executive economist at Dai-Ichi Life Research Institute.
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