July 08, 2024 06:25 GMT
MNI BRIEF: BOJ: Wage Hikes At Smaller Firms Spreading
(MNI) Tokyo
(MNI) TOKYO
Many Bank of Japan branch managers see wage hikes embedding across many parts of the economy, including at smaller firms, the latest regional economic report showed.
However, some managers warned there are firms that refrained from wage hikes due to severe profit conditions, while other firms are raising wages to ensure current staff levels are sufficient, although they don’t have funds for wage hikes.
BOJ officials are watching to see whether planned wage hikes at smaller firms following hefty hikes at major firms will be incorporated into government wage data for May, June and July to examine the probability of hitting the 2% price target.
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