Japan's Top Union Group Demands Highest Wage Hike in 30 Years [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
The Japanese Trade Union Confederation, known as Rengo, said 3,102 affiliated unions demanded an average wage increase of 5.85%, or ¥17,606 ($118.88), at this year's annual pay talks compared with 4.49% a year ago. Stronger demands from unions this year augur well for wage talks this year, with the initial results of Rengo pay negotiations due for release on March 15, the last working day before the Bank of Japan meets to decide on policy. The figure comes as market players ramp up their bets on an early BOJ move following other positive wage reports and news that some BOJ officials favor an early move while some government officials also support a rate hike. The growing speculation has pushed up the yen and bond yields. Read more: BOJ Bets Swing Toward March Rate Hike as Wages Beat Estimates BOJ Governor Kazuo Ueda has repeatedly said he won't raise rates until he's satisfied that wages are feeding into a positive price cycle that supports economic growth, a national goal fo
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