Reuters conveying info from Japanese media.
That headline is not clear. I am not sure if Toyota has accepted the wage hike demand (circa 5.5%). ADDED – looks like Union wage demands have been met.
OK, more:
- Toyota responded in full to the Toyota Automobile Workers’ Union’s demands for wages and annual lump-sum payments (bonuses), which were at record high levels.
- This is the fourth consecutive year that Toyota has responded in full.
- In this spring campaign, the labor union is demanding the highest wage increase since 1999, when comparisons were made, against the backdrop of strong business performance and high prices.
- The amount of wage increases requested varies by job type and rank, but the maximum amount is 28,440 yen per month.
- The requested annual lump sum amount was equivalent to 7.6 months of standard wages, which was the highest amount on record, exceeding last year’s request for 6.7 months.
- The amount of wage increases for all employees and the level equivalent to the base increase (bear) are not disclosed.
This increases the chance of a Bank of Japan tightening at its March 18 and 19 policy meeting. Yen supportive!
Yen is up a little:
This article was written by Eamonn Sheridan at www.forexlive.com.