Another conjecture I will offer, which is difficult to test empirically, is that prolonged very low interest rates have lowered the relative cost of capital equipment compared with the cost of labour. Firms may be restructuring their operations, making greater use of capital equipment and thereby limiting the scope for wage increases.
Current situation and outlook for Japan’s economy  Japan’s economy has been recovering moderately as domestic demand has been firm and overseas economies as a whole have been picking up moderately.