Japan Inc. tightens wage purse strings as coronavirus clouds gather [Reuters]
Toyota Motor Corporation (TM)
US:NYSE Investor Relations:
toyota-global.com/investors
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Source: Reuters
Japan Inc. tightens wage purse strings as coronavirus clouds gather TOKYO (Reuters) - Against the backdrop of the coronavirus epidemic and a looming global economic slowdown, major Japanese firms are tightening their belts in influential annual wage deals that were hammered out with unions on Wednesday. Setting the tone, bellwether Toyota Motor Corp ( 7203.T ) said on Wednesday it had agreed to give workers an average monthly pay raise that’s 20% lower than last year’s hike. What’s more, base pay will not rise for the first time in seven years. Major steelmakers followed suit and shelved base pay hikes, threatening Prime Minister Shinzo Abe’s lofty goal of generating a self-sustaining growth cycle - a key plank of his ‘Abenomics’ policies to stimulate the world’s third-biggest economy. Over the past six years, major firms raised wages more than 2% each spring as Abe pressured businesses to boost pay to put an end to deflation and stagnation that has dogged Japan for two decades. BOJ
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