Every March, management of major Japanese firms meet with unions for wage talks across industries that set the tone for employees' pay in the new fiscal year.
in wage talks, which would be the fastest pace of increase since 1997 when Japan was on the cusp of deflation. That would follow a 2.2% increase in 2022, which was the first hike in four years.
Wary of increasing fixed costs, many Japanese firms long compensated employees with one-off bonus payments in good times rather than raising base pay.
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