I pulled the “basic policy on human-capital strategy” text and the “year-on-year change in average salary” (call it a rough pay-raise rate) out of the FY March 2026 annual securities reports, and ran some analysis on them. Both are brand-new disclosure items, mandated only from this year. Pay raises overall (median 3.2%) Of all 2,348 companies, 2,116 reported a pay-raise rate (year-on-year change in average salary) as an actual number. The rest didn’t disclose one, or it couldn’t be extracted. Line those 2,116 up, and the median is 3.2%. That’s roughly in line with the general mood around wage hikes. But look closer, and about one in five (roughly 18%) is negative. In other words, average pay actually fell from the year before. With prices climbing the way they are, the world isn’t so kind. A 3x gap by industry What’s interesting is the spread across industries. The highest is construction at 6.2%; the lowest is food products at 1.9%. That’s a gap of more than three times. Construction can’t hire without raising pay in a tight labor market; food[…続きを読む]