Japanese companies agree to raise wages 5.58%

Japanese companies have agreed to their largest wage increase in years, with an average pay rise of 5.58 per cent, surpassing last year’s 3.99 per cent rise, Reuters reported on Monday, citing a preliminary data from the Keidanren business lobby.

This news comes after annual labour talks, known as “shunto,” concluded in March. The country’s largest union group, Rengo, previously reported a proposed increase of 5.25 per cent – the highest under comparable data since 2013.

(1 United States dollar = 155.75 Japanse yen)