Japan Union Head Calls for Government to Accelerate Wage Efforts
Live MintThe chair of Japan’s metalworkers’ union urged the government to accelerate efforts to raise pay, while expressing concern over premature tightening steps from the central bank. “We need to see improvements this year,” said Akihiro Kaneko, president of the Japan Council of Metalworkers’ Unions, speaking about the government’s measures to help smaller firms pass costs on to customers throughout the supply chain. Speaking as a representative for manufacturers across Japan’s supply chain, Kaneko said the government can implement legally binding measures to penalize companies that fail to promote fair trade practices. “It’s uncertain whether moving too quickly toward further rate hikes is the right approach.” Kaneko added that personal consumption must be on track before the central bank can justify another rate hike. Representing the interests of workers at Japan’s major exporters, from auto giant Toyota Motor Corp. to electronics maker Panasonic Holdings, Kaneko said the incoming US president’s policies will be crucial for their industries.
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