TOKYO (Reuters). Toyota Motor Corp (NYSE:) has accepted the salary increases requested by its labour union this year – an uncommonly quick conclusion to annual wage negotiations, which comes amid demands by the government that firms raise their wages.

After meeting with Fumio Kinio Kishida, Toyota CEO AkioToyoda said that he had made an agreement to fully meet the demands of the union.

Kishida hopes to rely on Japanese businesses to boost wages and push his new capitalism agenda. This will help him distribute wealth more effectively and make Japan the No. 3. economy to recover from the pandemic.

Toyota and its union did not disclose the agreed amount. According to the Yomiuri newspaper, the union requested bonuses equal to 6.9 months annual pay. Also, the union demanded monthly wage increases of 1,600 to 4,900yen (14 to $43), depending on what job.

Japan’s spring labor talks, known as “shunto”, are in full swing at large firms. They usually come to an end around March middle.

($1 = 115.2300 yen)