The figure for 2023 is from Rengo's policy for the spring 2023 labor-management wage negotiations. Sources: Bank of Japan; Japanese Trade Union Confederation (Rengo); Central Labour Relations Commission; Institute of Labour Administration; Ministry of Internal Affairs and Communications. 9  Chart 10  II.
9  See S. Fahr, R. Motto, M. Rostagno, F. Smets and O. Tristani (2013), “A monetary policy strategy in good and bad times: lessons from the recent past,” Economic Policy, CEPR & CES & MSH, vol. 28(74), pages 243–288, 04.