MEIWA, Japan—After three decades dominated by stagnation, Japan’s stock market has hit a record, and the final piece of its economic recovery is falling into place with the biggest pay increases since 1991. Pay increases lagged behind. Nippon Steel said it would raise monthly wages 14%, while the average increase at air-conditioner maker Daikin topped 8%. This year, he is planning increases of 4% to 5%, and he has started grading employees’ performance on an easier scale so they can get pay increases more quickly. Kazumi Ishibashiri, 39, another worker in the Costco store north of Tokyo, said she never experienced a pay increase at her previous job working in a warehouse and selling merchandise at concerts.

Source: Wall Street Journal March 15, 2024 14:36 UTC