Central Banks

Kishida Lauds Wage Hike Momentum as BOJ Rate Decision Looms

Toyota pledges record increases as meets full union demands
Prime minister says must seize chance to exit deflation

Bank of Japan officials will decide whether to raise rates in March after officials see the initial tally from spring wage talks, with the outcome currently too close to call, according to people familiar with the matter. — Bank of Japan officials will decide whether to raise rates in March after officials see the initial tally from spring wage talks, with the outcome currently too close to call, according to people familiar with the matter.
Photographer: Akio Kon/Bloomberg

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By Yoshiaki Nohara and Erica Yokoyama

March 12, 2024 at 9:00 PM UTC

Updated on

March 13, 2024 at 10:39 AM UTC

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Prime Minister Fumio Kishida said wage growth this year is on track to outpace last year, after Toyota Motor Corp. and a raft of union groups released strong annual pay deal results less than a week before the central bank decides whether to raise interest rates for the first time since 2007.

“I think we can confirm a positive trend is in place to shift the economy from a cost-cutting model to the next stage,” Kishida said.