Japanese companies' wage increases exceed 5% for the third consecutive year, supporting the Bank of Japan's rate hikes

The Joint Union stated that Japanese companies have agreed to salary increases of over 5% for three consecutive years, with an average increase of 5.01% this year, 5.25% last year, and 5.10% the year before. Meiji Yasuda Institute of Comprehensive Research economist Kazutaka Maeda noted that the results of labor negotiations and the positive turn in real wage growth support the Bank of Japan in maintaining its gradual rate hike path.