07:02 AM EST, 12/11/2024 (MT Newswires) -- Japanese automobile and metalworkers' unions plan to push for monthly pay increases of at least 12,000 yen ($79) in the upcoming wage negotiations, representing a 5% base pay hike for firms with fewer than 300 employees, multiple media outlets reported Wednesday, citing the group.

The group represents 784,000 workers from 12 unions, including those of Toyota Motor ( TM ) and Honda Motor ( HMC ) , as well as smaller parts makers.

The move, which is the first pay hike target set in the past seven years, is consistent with Japanese policymakers' goals of achieving long-term wage increases that can boost consumer spending and support economic growth, Reuters reported.

Akihiro Kaneko, president of the Japan Council of Metalworkers' Unions, urged the government to speed up wage increases, Bloomberg reported late Tuesday.

Japan's labor union group Rengo is also seeking wage increases of at least 5% next year, Reuters reported.

Toyota Motor ( TM ) and Honda Motor ( HMC ) did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)