Nomura Securities: Japan's highest wage increase this year may reach 5.26%

On March 7, Jinshi Data News, Nomura Securities economists estimate that Japan's final wage increase this year may reach 5.26%. In Japan's 2025 spring wage negotiations, unions are requesting an average wage increase of 6.09%, slightly higher than 5.85% in 2024. Nomura Securities' initial forecast for wage increases is similar to that of 2024, consistent with market expectations. Nomura Securities stated: 'Based on the 2025 salary increase requirements and developments in the past two years, we estimate the final salary increase to be 5.26%.' Attention is now turning to the company's response, with the first batch of announcements expected on March 14. It remains to be seen to what extent companies will meet these requirements and whether large companies will offer higher salary increases than in 2024.