The economist has an article this week that discusses this on a broader Japanese economic level: https://www.economist.com/finance-and-economics/2023/01/31/is-

The economist has an article this week that discusses this on a broader Japanese economic level: https://www.economist.com/finance-and-economics/2023/01/31/is-there-a-fix-for-japans-markets-mess https://www.economist.com/finance-and-economics/2023/01/31/i... >Japanese firms have long been reluctant to raise pay. But in the face of protracted inflation, leaders have begun to change their tune. Keidanren, Japan’s business federation, has urged members to give consideration to rising prices. Some multinationals and big regional firms promise hefty pay increases. Fast Retailing, parent company of Uniqlo, a clothing giant, announced raises as high as 40%; Higo Bank, a lender in Japan’s south, plans to lift base salaries by 3%, the first such rise in 28 years. The question is whether the smaller firms that employ 70% of Japanese workers will follow suit.