Toyota, other firms offer pay hikes but pandemic to cap wage growth

Economy

Toyota Motor Corp., Nissan Motor Co. and other major Japanese manufacturers offered pay hikes at annual wage negotiations Wednesday, but the pace of wage growth across all sectors is expected to slow this year due to the coronavirus pandemic. Wage growth is critical for Japan to stay clear of deflation and boost domestic demand. But the pandemic has hit some firms and sectors harder than others, prompting the country's most powerful business lobby Keidanren to say across-the-board pay hikes are "unrealistic." Toyota agreed on an average pay hike of 9,200 yen ($84) a month as requested by its l...

Kyodo News

Kyodo News