Economics
Japan Inc. Slashes Wage Hikes as Abe Fails to Boost Economy
- Toyota cuts wage hike by more than half for next fiscal year
- Sharp, Toshiba both skip salary increases for employees
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Japan’s major companies are giving lower wage increases next fiscal year as Prime Minister Shinzo Abe’s efforts to boost the economy falter.
Toyota Motor Corp. agreed to increase monthly base salaries 1,500 yen ($13) in the year beginning April, according to a statement from the company Wednesday. That compares with a 4,000 yen hike this fiscal year.