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Toyota halts pay raises for first time in 7 years, joining Nippon Steel

Japanese corporations look to shave costs amid economic uncertainty

Workers assemble cars at a Toyota Motor plant in Aichi Prefecture: The automaker is one of many companies saying no to base pay hikes this year.   © Reuters

TOKYO -- Toyota Motor will not raise base pay this year, the company told its union Wednesday, joining the ranks of Japanese companies freezing or limiting wage hikes to cope with the U.S.-China trade war and the coronavirus outbreak.

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