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Bank of Japan policy committee member Asahi Noguchi stressed on Saturday that wages need to continue to rise in order to achieve the inflation target.
Key Quotes
Consumer inflation levels have exceeded the Bank of Japan’s 2% target since spring 2022, and the effects of rising global inflation are indeed ripples through the Japanese economy.
But the main reason for the increase (inflation) is driven by the cost push factor of rising import prices.
To achieve the 2% inflation target, we must see rising prices supported by sustained wage growth.
While this year’s annual spring wage talks delivered wage increases not seen in 30 years, we have only just reached a stage where the possibility of achieving this is only just emerging.
