Large Japanese firms are likely to offer wage hikes exceeding an estimate from two months ago, according to an updated forecast by Japan Economic Research Center on Thursday.

The average pay increase at the 2023 "shunto" negotiations is now estimated at 3.05%, higher than the 2.85% forecast in January, according to the research group's survey of 37 private-sector economists. (Reporting by Kantaro Komiya; Editing by Edmund Klamann)