Annual Wage Talks Begin in Full in Japan

Economy

Tokyo, Jan. 26 (Jiji Press)--This year's "shunto" spring wage negotiations in Japan got into full swing on Wednesday with a meeting between the top officials from the Japan Business Federation, or Keidanren, and the Japanese Trade Union Confederation, or Rengo.

Keidanren Chairman Masakazu Tokura and Rengo President Tomoko Yoshino held talks in Tokyo.

The focal point of the annual wage talks will be whether a wide range of workers will be able to benefit from a virtuous cycle of economic growth and wealth distribution, as targeted by Prime Minister Fumio Kishida to achieve his key policy goal of creating a new form of capitalism, at a time when earnings gaps are widening among companies.

Financial burdens on households are growing as rising crude oil prices and the yen's weakening against other major currencies have led to higher prices for gasoline and food items. A slow pace for pay increases is widely expected to negatively affect consumption activities.

At the beginning of the day's meeting, Tokura said that Keidanren member firms "will make efforts, at their responsibility, to raise wages and comprehensively improve the treatment" of their employees.

[Copyright The Jiji Press, Ltd.]

Jiji Press