Most major companies offered the lowest hike in base pay in four years on Wednesday, a setback for Prime Minister Shinzo Abe's campaign dubbed "Abenomics" to spur the long-sluggish economy.
Toyota Motor Corp.'s base pay hike, traditionally a benchmark other companies use to gauge their increases, came to ¥1,300, or about $11, a month — less than last year's ¥1,500.
The new hike is less than half the union's demand and far below the ¥4,000 given in 2015.