Japan's largest trade union says formally agreed on 2024 pay hike demand of 5% or more

<p>The Japanese Trade Union Confederation (JTUC, more commonly known as Rengo) says its agreed it'll demand 5% or more. Talks are held in Spring. </p><ul><li>Every year in Japan, unions affiliated with Rengo hold wage negotiations with employers. </li><li>These negotiations are known as "spring labor offensive" or "shunto" in Japanese. </li><li>The goal of shunto is to negotiate wage increases and other benefits for workers.</li></ul><p>Bank of Japan Governor Ueda and his colleagues are watching the outcome of these talks. Earlier this week Board member Adachi said the result of the negotiations are critical in determining the next steps for the Bank. </p><ul><li><a href="https://www.forexlive.com/centralbank/bojs-adachi-difficult-to-end-negative-rates-until-positive-wage-inflation-cycle-begins-20231129/" target="_blank" rel="follow" data-article-link="true">BOJ's Adachi: Difficult to end negative rates until positive wage-inflation cycle begins</a></li><li><a href="https://www.forexlive.com/centralbank/bojs-adachi-says-any-big-policy-decision-will-have-to-wait-until-next-years-wage-talks-20231129/" target="_blank" rel="follow" data-article-link="true">BOJ's Adachi says any big policy decision will have to wait until next year's wage talks</a></li><li><a href="https://www.forexlive.com/centralbank/bojs-adachi-difficult-to-end-negative-rates-until-positive-wage-inflation-cycle-begins-20231129/" target="_blank" rel="follow" data-article-link="true">BOJ's Adachi: Difficult to end negative rates until positive wage-inflation cycle begins</a></li><li><a href="https://www.forexlive.com/centralbank/bank-of-japans-adachi-denies-speculation-of-ending-negative-interest-rates-20231129/" target="_blank" rel="follow" data-article-link="true">Bank of Japan's Adachi denies speculation of ending negative interest rates</a></li></ul><p>All of those linked posts above are from Adachi on just one day earlier this week. He pounded out the media comments trying to hose down the speculation of any short-term Bank of Japan policy pivot. </p><p>Another of the bank's policy markers, Toyoaki Nakamura, also spoke of the importance of Spring wage tasks:</p><ul><li><a href="https://www.forexlive.com/centralbank/bojs-nakamura-hard-to-pinpoint-timing-of-policy-shift-as-of-now-20231130/" target="_blank" rel="follow" data-article-link="true">BOJ's Nakamura: Hard to pinpoint timing of policy shift as of now</a></li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.