On Wednesday, March 13, 2024, Toyota Motor has agreed to give its factory workers the biggest pay raise in 25 years. Other big Japanese business including Panasonic, Nissan, and Nippon Steel also made similar decisions.The news came as annual wage negotiations wrapped up on Wednesday. Toyota, a traditionally bellwether of the annual talks, agreed to the demands of monthly pay increases of as much as 28,440 yen ($193) and record bonus payments. 

reed tAccording to Toyota Chief Human Resources Officer Takanori Azuma, Toyota is economically at the highest ever level. He said “Our profits are currently at a high level, and this is possible not just because of us but also our suppliers and dealers,” Azuma also said in a briefing. “As a result, we’re working to improve in parallel the working environment for our suppliers and dealers.” Chief Cabinet Secretary Yoshimasa Hayashi also made some exciting comments “We’re seeing strong momentum for wage hikes. It’s important that the strong wage hike momentum will spread to small and mid-sized firms.”

     According to Brand Value (China) Network, Toyota sits at the center of a network of auto manufacturers and suppliers that employs more than 5 million people across Japan, making it a bellwether for the economy and for the pay trend among big companies. What’s more, Bank of Japan Governor, Kazuo Ueda believes that signs of pay hikes will help end Japan’s long battle with deflation and spur consumer spending. Therefore, the 2024 wage negotiations, which represents a collaborative relationship between Japanese management and labor, are being closely watched this year because the pay hikes may help the Bank of Japan to end its years-policy of negative interest rates as early as next week.

        Toyota is a Japanese multinational automotive manufacturer headquartered in Toyota City, Aichi, Japan. It was founded by Kiichiro Toyoda and registered on August 28, 1937. As of today, Toyota is one of the largest automobile manufacturers in the world, producing about 10 million vehicles per year. In 1956, Toyota entered the American market and exported Toyota Land Cruiser and Toyota Crown. In 1959, it opened its first factory in Brazil. In 1965, Toyota produced 600,000 cars a year and at the end of 1960s Toyota Corolla was recognized as the best selling car in the world. In the year of 2022, Toyota sold 10.5 million vehicles according to its statement on January 30, 2023 and it therefore continued to be the world’s top-selling automaker for a third straight year. 

       On the ranking of “The 3rd Daguan· Keweiwei World Brand Value Top 900” released on March 18, 2023, Toyota’s brand value was 704.789 billion RMB, ranking the 18th. Panasonic’s brand value was 41.852 billion RMB, ranking the 614th. Nissan Motor ’s brand value was 148.694 billion RMB, ranking the 173th.

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作者：Byron