Only 18% of Japan’s Firms Planning 3% Pay Hikes in Nikkei Survey

Less than a fifth of Japan’s biggest firms plan on raising pay at the pace targeted by Prime Minister Fumio Kishida, according to a Nikkei survey, highlighting the heavy lifting the premier faces as he tries to get firms to redistribute more income to workers.

The survey of major company chief executives showed only 18% intended to boost pay by 3% or more at upcoming spring labor negotiations. Some 43% of firms said they’ll hike pay by 2% to 3%, while around 10% of companies said they won’t raise paychecks at all, the poll showed.