Japan firms offer over 3% pay rise, 1st time in 29 yrs

Japanese companies offered to raise wages by an average 3.58 percent in this year’s spring wage talks, marking a more than 3 percent increase for the first time in 29 years, to cope with historically high inflation, the country’s largest labor union said Wednesday.

The Japanese Trade Union Confederation, also known as Rengo, said the average wage increase was equivalent to 10,560 yen ($73) per month, in response to its demand for about a 5 percent pay hike in the “shunto” pay negotiations.

The offer was a result of tireless labor-management negotiations and “may be a turning point for the futu...