Toyota, Honda agree to fully meet wage hike demands by their unions

Toyota Motor Corp. and Honda Motor Co. agreed Wednesday to fully meet the salary and bonus demands put forward by their respective labor unions, with the proactive stance by the two major Japanese automakers expected to generate momentum for wage hikes in other sectors.

The decision by Toyota marks the third year it has fully met wage hike demands in the so-called shunto spring negotiations between unions and management. The union of the top automaker has called for the highest-level wage raise in 20 years to offset the impact of high inflation.

Meanwhile, Honda said it will meet its union’s d...