About 70% of companies in Japan will implement pay-scale increases in fiscal 2024

Info via Japan Times:

• the proportion of companies planning to raise their pay-scales stood at 70.7%, up by 6.3 percentage points from the previous year
• Companies at which pay-scale hikes and regular pay increases will total 5% or more came to 36.5%, nearly doubling from the previous year.

Such a result will give the Bank of Japan some encouragement. However:

• 50.2% of small and medium-sized firms said that they had been unable to pass on rising labor costs in their product and service prices

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The survey was conducted from March to this month, receiving answers from around 1,100 companies throughout Japan.

There is more detail at that link to the piece above.

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