According to a report by Kyodo News, Keidanren (Japan Business Federation) Chairman Yoshinobu Tsutsui, in a New Year’s interview with Kyodo News and other media outlets, stated that the high level of wage increases seen since 2023 must be maintained during the 2026 spring labor-management negotiations (Shunto). He emphasized, “We will focus our efforts on raising base wages.” "Keidanren plans to compile the "Report of the Special Committee on Management and Labor Policy" in January 2026, which will serve as the employers' Spring Labor Negotiations policy, and intends to emphasize the need to "further solidify the strong momentum of wage increases," including among small and medium-sized enterprises. As of October 2025, real wages per capita—adjusted for inflation—had declined for 10 consecutive months. Tsutsui noted, “Prices have continued to soar, particularly for food, and real wages have yet to turn positive,” emphasizing that “if prices stabilize and wage increases can be further solidified, we will be able to enter a phase of sustained growth.”