Big Japanese companies agreed Wednesday to raise wages for a fifth year, but many are expected to fall short of meeting Prime Minister Shinzo Abe's 3 percent goal, adding to doubts the central bank will be able to hit its consumer price target.

The results of the shuntō spring wage negotiations between corporate management and unions, announced by the big automobile and electronics companies, set the tone for wage hikes across the nation and could give hints about future consumer spending.

Abe has been campaigning for a 3 percent gain to spur consumption and banish the deflation that has dogged the economy for nearly two decades. Bank of Japan Gov. Haruhiko Kuroda has also urged a 3 percent raise to nudge up inflation to the BOJ's long-elusive 2 percent target.