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Nintendo Co, LtdNTDOYNTDOF looked to boost salaries by 10% for current and incoming employees in Japan starting in 2023, as rivals hiked wages in an increasingly tight labor market.
Nintendo President Shuntaro Furukawa disclosed the raise even after slashing its full-year forecasts for revenue and earnings, saying the burden on employees is increasing and the move will help strengthen the company’s “hiring power,” Bloomberg reports.
Japanese workers’ nominal wages rose to a record in December, fueling speculation of the central bank tightening its monetary policy after Governor Haruhiko Kuroda stepped down in April.
Nintendo may remain stuck in the doldrums pending a successor to the iconic gaming console, the sales of which declined over the past two years.
Nintendoplans to boost production of its six-year-old Switch console in the coming fiscal year after shipping roughly 21 million Switch consoles in the year ending March.
With a $199.99 starting price, the console struggled more due to supply issues than any demand slump.
Price Action: NTDOY shares closed at $10.58 on Monday.
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