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Japan's automotive union group vows no retreat on wage demands despite tariff pain
The Confederation of Japan Automobile Workers' Unions seeks sustained wage growth despite a 30% profit drop from U.S. tariffs to maintain consumption-driven economic expansion.
- On Friday, Akihiro Kaneko, president of the Confederation of Japan Automobile Workers' Unions , said they will not weaken wage demands at labour talks next year despite inflation and lagging real wages.
- U.S. tariffs have cut into automakers' earnings, with the industry bracing for about a 30% profit plunge this year after Washington formalised a trade agreement with Tokyo setting a baseline 15% tariff.
- This year, JAW's member unions secured an average monthly increase of 4.94%, representing 12 unions with 784,000 workers including Toyota Motor and Honda Motor, while Japan's automobile industry employs over 5 million.
- The Bank of Japan will monitor manufacturers, particularly the auto sector, as the outlook for next year's wage negotiations influences its next interest rate hike, Governor Ueda said last month.
- JAW plans to propose cooperation to help companies improve profitability and ensure fair pricing so suppliers and management can secure funds for wage hikes this year.
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Japan's automotive union group vows no retreat on wage demands despite tariff pain
Japan's top automobile industry union group has no plans to scale back its wage demands at labour talks next year despite a heavy drag on the sector's earnings from U.S. tariffs, its chief told Reuters on Friday.
·United Kingdom
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Total News Sources6
Leaning Left1Leaning Right1Center4Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 17%
C 67%
R 16%
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