Big Japan firms cut wage hikes as Abenomics falters

Tokyo

JAPAN'S major companies are giving lower wage increases next fiscal year as Prime Minister Shinzo Abe's efforts to boost the economy falter.

Toyota Motor Corp agreed to increase monthly base salaries 1,500 yen (S$18) in the year beginning April, according to a statement from the company on Wednesday. That compares with a 4,000 yen hike this fiscal year.

Panasonic Corp and Hitachi Ltd ha…