Major Japanese firms see largest pay hikes in decades

Japan's leading corporations have offered their labor unions the largest wage increases in decades amid record inflation. Many major companies responded to labor union demands in the country's annual wage negotiations. Calls for wage increases were stronger than ever.

Among major automakers, Toyota offered the highest increase in 20 years, and Honda the most in 30 years. Both fully met their unions' demands. Nissan has also agreed to union demands, the most since 2005, when the current wage system was introduced.

Electronics makers including Hitachi and Panasonic Holdings accepted all of their unions' demands.

These results were also shared at three-way talks among government, labor and management representatives.

"This year's wage talks are all about seeking a turning point to pave the way for a virtuous cycle of growth and distribution. I would like to ask business and labor leaders for their cooperation," Prime Minister Kishida Fumio said.

Multiple research firms predict wages will rise by more than 3 percent for the first time in 30 years.

Negotiations are ongoing especially at enterprises categorized as small and medium-sized companies which employ more than 70 percent of Japan's workforce.