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Toyota raises Japanese base wages for first time since 2008

Toyota is on track for record profits, and in return, its Japanese workers are receiving their first increase in base wages since 2008, plus higher pay based on seniority and a larger bonus for 2014. The Japanese automaker predicts the average laborer will net a 2.9 percent income gain.
The average Toyota employee will earn 2,700 yen ($26.28) more each month, a 0.8 percent increase from last year. Workers will also receive about 7,300 yen ($71.09) more monthly based on seniority and promotions. Finally, the company's union pushed through a median bonus of 2.44 million yen ($23,768) for 2014, the highest in 6 years.
The pay boost comes as Toyota forecasts a record 1.9-trillion yen ($18.5 billion) profit for the fiscal year ending on March 31, according to Bloomberg. It has been helped by the Japanese government's efforts to weaken the yen on international markets and expand inflation. Prime Minister Shinzo Abe has been asking businesses to increase compensation to end years of deflation and offset upcoming higher sales taxes. Honda and Nissan have also raised their wages there in recent months.

In Jamaica, it's not easy to sell or buy hybrid cars

Jamaica's mellow reputation and Rasta vibe contributes to an international reputation of an island nation that moves at a leisurely pace. And the term "leisurely" certainly applies to the rate of sales of hybrids there. And we thought Mitsubishi i sales in the US have been slow. The country's Toyota dealership is still in the process of explaining hybrid technology to many of its prospective customers, with the widespread perception remains that a standard Toyota Prius needs to be plugged in for electrical charging, the Jamaica Gleaner reports. Because of such slow exposure, Toyota has only sold about 10 hybrids in Jamaica since the Japanese automaker started selling them there in 2010. And we thought Mitsubishi i sales in the US have been slow. Toyota dealers in Jamaica continue to tout hybrid technology that can boost fuel economy by about 30 percent but are going up against the fact that Toyota's hybrids now need to be pre-ordered and aren't kept in stock because of sluggish demand. There's also the fact that Toyota's Japanese operations insist on an approval process that ensures the hybrids sent there can handle Jamaica's road conditions, and it typically takes three to four months for a Prius to get to Jamaica once ordered. Island locales provide a curious dichotomy for advanced-powertrain vehicles. On one hand, the driving distances tend to be relatively small, lengthening the amount of time it takes to pay back the original cost premium. On the flip side, importing fuel to islands makes gas prices skyrocket and can prove costly for the economy in island nations. Late last year, for instance, the government of another Caribbean nation, Barbados, estimated it spends about $250 million a year on gas used for personal vehicles. That's why the government there is pushing for more electric-vehicle adoption, though the number of EVs on the island was in the low double-digits as of mid-2013.

Toyota officially outsells GM, VW through first three quarters

When it comes to global vehicle deliveries, the term "Big Three" doesn't apply to Ford, Chrysler and General Motors, but instead Toyota, GM and Volkswagen - in that order - through the third quarter of 2013. Toyota sold 7.41-million vehicles through the third quarter and is on track to deliver more vehicles this year than GM and VW, which sold 7.25-million and 7.03-million, respectively, through the same period, Bloomberg reports.
During the third quarter, from July to September, Toyota's 2.5-million deliveries helped to push it higher than its closest competitors this year. In that period, GM delivered 2.4-million vehicles while VW posted 2.33-million deliveries.
Part of the reason behind Toyota's and other Japanese automakers resurgence globally is the weakened yen, which can be attributed to policies made by Prime Minister Shinzo Abe since he took office in December 2012. Many refer to those monetary easing policies as 'Abenomics,' which has led some, such as Ford, to call Japan a currency manipulator and is a big reason why the US is lobbying to oppose Japan's entry into the Trans-Pacific Partnership (TPP).