A survey of major Japanese firms showed they offered their highest monthly wage increases in 32 years in the spring wage negotiations this year, after Prime Minister Fumio Kishida called on companies to offer wages that beat historic inflation, the country's biggest business lobby said Monday.
The initial tally of wage increases showed an average 5.58 percent rise, the highest since 1992 and equivalent to 19,480 yen ($125) per month, according to the Japan Business Federation, also known as Keidanren.
The upbeat results come after the union and management sides agreed on the need to raise wages in this year's wage talks in the face of the fastest pace of increase in core consumer prices in 41 years last year.
Keidanren surveyed the lobby's 244 member firms across 22 industries, and had substantial responses from 89 in 16 industries. The final tally for this year is expected to be released between late July and early August.
The final tally of pay raises last year stood at 3.99 percent.
