The heads of Japan's largest labor group and top business lobby meet to discuss the country's labor market as the annual union-management negotiations began, with both parties agreeing on the need for significant pay hikes to offset the impact of high inflation.
Japan's inflation-adjusted average monthly wage dropped 3.8 percent in November amid higher food and energy prices, marking the sharpest fall in eight years and six months and declining for the eighth straight month, the labor ministry says.
Japan data: July Household spending -1 4% m/m forexlive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forexlive.com Daily Mail and Mail on Sunday newspapers.
Reuters survey show more wage hikes in Japan forexlive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forexlive.com Daily Mail and Mail on Sunday newspapers.
Solid profits at major Japanese companies in recent earnings reports are unlikely to translate into near-term wage hikes in broad sectors due to the risk of a global recession, dashing Prime Minister Fumio Kishida s hopes for higher pay to blunt the impact of rising prices.