Major Japanese companies, including Toyota Motor Corp. and Nissan Motor Co., on Wednesday offered their largest pay hikes in decades at annual wage negotiations that could determine whether the country can finally overcome its chronic deflation. The development will likely pave the way for the Bank of Japan to phase out its unprecedented monetary easing. The central bank has indicated its policy decisions would depend on the outcomes of the negotiations. The government of Prime Minister Fumio Kishida has repeatedly asked business leaders to increase wages at a pace that exceeds inflation. Risi…