This year is pivotal for the Japanese economy to move away from decades of deflationary thinking toward sustained real wage growth, according to the head of the country’s largest labor union.
Tomoko Yoshino, the first female leader of the Japanese Trade Union Confederation, commonly known as Rengo, stressed the importance of moving toward continued wage growth in the face of rapid inflation and economic stagnation.
While that’s a view largely shared by the Bank of Japan, Yoshino said the central bank needs to re-evaluate how much its policies have helped boost pay.