A major Japanese labor union representing workers at manufacturing companies said its members are seeking a record wage increase in annual negotiations with employers, in an early sign of continued momentum for pay growth in the country.

Some 1,416 labor unions under the umbrella of the Japan Council of Metalworkers’ Union (JCM) requested a monthly base salary increase of ¥14,149 ($94.84) on average in talks expected to culminate with a deal next month, according to a tally released on Thursday. The demand marks a record high since 2014, when the union began tracking requests, and represents a 14% increase from the corresponding figure of ¥12,392 last year.

"We want to see our unions achieve gains and the trend spread across the entire metal industry and economy,” said JCM Chair Akihiro Kaneko. "This year’s pay talks are very important to help a virtuous cycle take root in Japan.”

While Thursday’s figure reflects the demands of only about 2 million workers, the pace of increase will influence the expectations of a broad spectrum of laborers, given that some of the group’s companies are household names. The JCM represents workers at manufacturing firms including Toyota Motor, Panasonic Holdings and Nippon Steel.

Another year of strong wage gains would keep the Bank of Japan on the path toward more rate increases as it continues to roll back ultra easy policy settings. A year ago, an agreement to conduct the biggest pay hikes in three decades prompted the BOJ to conduct its first rate hike in 17 years.

After two subsequent hikes in July and January, authorities are expected to pause until the summer before continuing with the tightening cycle.

The union is expected to release its first tally of agreements on March 12.

Trade union federations are currently compiling demands from their member unions as negotiations are poised to gather steam. The country’s largest labor union group Rengo will announce its tally of demands on March 6, followed by a preliminary report on agreed terms later next month.