[Japanese Corporate Wage Growth Exceeds 5% for Third Consecutive Year, Supporting BOJ Rate Hike Path] Japan's largest labor union organization, 'Rengo' (Japanese Trade Union Confederation), stated on Friday that Japanese companies have agreed to raise wages by over 5% for the third consecutive year. This indicates that sustained wage growth is gradually becoming a stable trend supporting the world's fourth-largest economy. Rengo, which has 7 million members, revealed that the final results of this year's annual labor-management negotiations show Japanese companies have agreed to an average wage increase of 5.01%. Last year, the average wage growth was 5.25%, and the year before was 5.10%. Meiji Yasuda Research Institute economist Kazutaka Maeda noted that the favorable outcomes of labor-management negotiations, coupled with the recent positive turn in real wage growth, 'should boost consumer spending and strengthen the rationale for the Bank of Japan to continue its gradual rate hike path.' Analysts expect that robust corporate earnings and severe labor shortages in Japan will sustain the momentum of wage increases, with many predicting next year's wage growth to be similar to this year's.