Japan’s Labor Union Wins Wage Hike Topping 5% for Third Year

Japan’s largest labor union group said its workers secured an average pay increase above 5% for a third straight year, an outcome that is likely to keep the central bank on track for another interest rate hike in coming months.

Labor unions in the federation known as Rengo have so far secured an average pay increase of 5.26% in wage negotiations with employers, according to an initial tally released Monday.