Toyota, Union Aim for Pay Deal in Mid-March, With BOJ in Focus

Toyota Motor Corp. didn’t make an offer on union demands for pay hikes, as wage talks drag on during a time when policymakers are seeking signs that a sustainable wage-price cycle may be emerging in Japan.

The workers’ union is seeking a bonus of 7.6 months worth of salary, an increase of almost a full month’s worth of wages. Although the union doesn’t disclose figures for the wage hike, last year the automaker boosted compensation by the most since 1999. Toyota will make an offer at its next meeting on March 13, a spokesman for the company said Wednesday.

Toyota ...