Japan bosses say bigger wage hikes coming this year

Business groups discuss labor shortage and global risks at New Year's meeting

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A number of major Japanese companies have set out plans for pay raises to help boost the economy and secure talent. (Photo by Satoko Kawasaki)

SHOHEI KONO, Nikkei staff writer

TOKYO -- Japanese corporate chiefs announced plans for employee pay raises that would outpace 2023's at a New Year's gathering held Friday by three top business groups, in a positive sign for a key part of the effort to promote steady economic growth.

Wages were a big part of the discussion at the annual event held by the Japan Business Federation, the Japan Chamber of Commerce and Industry, and the Japan Association of Corporate Executives.

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