ab 3 July 2026 Global Research First Read Japan Retail Sector Shunto 2026: third straight year of wage increase at the 5% level for first time in 35 years Summary On 3 July, the Japanese Trade Union Confederation (Rengo) released the results of the seventh round of responses for the 2026 spring wage negotiations (Shunto 2026, link; Japanese only). In this note, we review past Shunto trends based on Rengo data and consider the implications for the retail sector. Seventh round results: 5.01%, or 4.69% for sma ...