Top Japanese companies agreed to wage increases averaging 5.58% at annual labor talks in March, the Keidanren business lobby reported. This marks the largest pay hike in 33 years, surpassing last year’s 3.99% and nearing 1991’s 5.6%. The increases reflect chronic labor shortages and rising consumer prices. The "shunto" spring wage talks, a key feature of Japanese business, highlight collaborative labor-management relations. Japan’s largest union, Rengo, noted a 5.17% pay rise, the highest since 2013. Keidanren’s preliminary data covers 89 companies in 16 sectors, with final data due in July.