Shinzo Abe and Haruhiko Kuroda shouldn't look to spring wage talks for much help in spurring inflation and economic growth in Japan.

If anything, the picture emerging from the negotiations between some of Japan's biggest companies and their unions is one of stagnation and slim raises. And the talks, most of which conclude next month, are taking place as a strengthening yen risks pushing down the earnings growth — and stock prices — of Japanese exporters.

The paltry increases on the table mean that the prime minister and Bank of Japan governor's goals of reaching a 2 percent inflation target aren't being helped by wage gains, which both repeatedly have pushed for. Earnings, including bonuses and overtime pay, fell in 2015 for a fourth consecutive year after accounting for inflation.