Japan Union Group Seeks at Least 6% Pay Raise in Bid to Push BOJ Policy
- UA Zensen chief Matsuura believes 4% wage hikes not enough
- Will fight for 6%, but hurdles remain for smaller-sized firms
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One of Japan’s biggest unions plans to push for pay gains above 6% in a bid to kickstart a virtuous wage-price cycle that would enable the Bank of Japan to raise interest rates and strengthen the yen.
“The yen’s depreciation has gone too far, and I would like to see the BOJ take some policy steps to correct the situation,” said Akihiko Matsuura, president of UA Zensen, a labor union consisting of over 1.8 million members from sectors such as retail and restaurants. “I think we have to raise wages enough for the BOJ to be able to make a decision on that.”