In FY2023, Japan's businesses will increase base pay by 62 percent.

According to a poll conducted by the Japanese Ministry of Finance, 62.1% of enterprises in Japan have raised or intend to boost base pay in fiscal 2023, up significantly from 38.7% the previous year. The shift is most pronounced outside of the manufacturing sector, where 56.0% of businesses have raised pay or plan to do so, up from 28.8% in the previous year's study. The percentage was 69.8 percent in manufacturing, up significantly from 5....