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Solid profits at major Japanese companies in recent earnings reports are unlikely to translate into near-term wage hikes in broad sectors due to the risk of a global recession, dashing Prime Minister Fumio Kishida’s hopes for higher pay to blunt the impact of rising prices.
The yen’s drop to 24-year lows against the U.S. dollar has served as a major profit driver for some blue-chip companies, boosting profits earned overseas and inflating the value of assets held abroad in yen terms.
