Asahi Noguchia member of the Economic Policy Council of the Bank of Japan (BoJ), stressed on Saturday the need to maintain wage increases to achieve the inflation target.
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“It is true that the impact of high global inflation is reaching Japan’s economy, with consumer inflation exceeding the BoJ’s 2% target from spring 2022.”
“But the rise (in inflation) is mainly due to cost push factors amid higher import prices,”
“To reach our 2% inflation target, we must see price increases supported by sustained wage increases“.
“Although this year’s annual spring wage negotiations achieved wage increases not seen in 30 years, we have only just reached a stage where we can see the possibility of achieving our goal,”
Source: Fx Street
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