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04 Mar 2015

Increases in nominal wages were outweighed by higher consumer prices following the first sales tax increase in 17 years in April. Prime Minister Shinzo Abe hopes his economic revival plan, known as Abenomics, and sustained pay increases will eventually restore consumer confidence and reignite Japan's private consumption, putting Japan on a path of self- sustaining economic growth. Mr. Abe pins great hopes on ongoing annual wage negotiations between large employers and major labor unions for the coming webblog business year. The conclusion of most wage talks will tape come around March 18. Last year, large unions and employers agreed on an average 0.4% increase in base wages--excluding bonuses and overtime--a very small gain but nonetheless the highest in 15 years, as Japan Inc. reported record earnings. Many employers chose to share their profits in the form of higher one-time bonuses, rather than via permanent pay raises. These increases resulted in a 0.8% gain in total average wages in Japan last year.
Read more: http://www.nasdaq.com/article/japan-average-wages-rise-20150302-01774



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