Economy

Japan's unions win biggest wage hike since 1991 in 'stage change'

Preliminary tally shows 5.28% increase, giving BOJ impetus to hike rates

20240315 union

A union employee writes the status of responses to labor-management negotiations on a whiteboard in Tokyo on March 13. (Photo by Suzu Takahashi)

WATARU SUZUKI, Nikkei staff writer
March 15, 2024 16:11 JST
Updated on March 15, 2024 17:34 JST

TOKYO -- Japan's largest labor confederation said Friday that its member unions won an average 5.28% increase in wages this year, the biggest raise since 1991, providing impetus for a possible interest rate hike by the Bank of Japan next week.

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