The country's annual Spring assault on wages seems to have passed with little more than a whimper this year despite being billed as one of the most anticipated economic events in Japan's recent history.

Translating as "spring wage offensive", Shunto marks the annual Japanese ritual of wage bargaining between business groups and labour unions.

This year's negotiations have been preceded by months of feverish lobbying from prime minister Shinzo Abe who has urged the country's business groups to raise wages and help smash Japan's deflationary mindset once and for all.

The wages issue has become the latest lightning rod in the country's two decade struggle to ensure long-term economic prosperity.

Japan still can't generate inflation

Higher salaries encourage consumption and are vital in raising inflation. This in turn would help erode some part of Japan's record 250pc of GDP debt pile – the highest of any developed country in the world.