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The Japan Business Federation, or Keidanren, urged its member firms on Tuesday to raise employees’ pay in support of “new capitalism” proposed by Prime Minister Fumio Kishida.

Companies that have seen their performances recover from the turmoil due to the novel coronavirus crisis “are desired to (conduct) pay increases appropriate for the initiation of new capitalism,” such as pay scale hikes, Keidanren said in a special committee report.

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