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Haruhiko Kuroda, Governor of the Bank of Japan,  is delivering his prepared remarks at the ECB’s  panel  titled ‘Price and wage setting in advanced economies.’

Key quotes (via Reuters)

  • Japan’s economy has improved significantly.  
  • Wages and prices have continued to show relatively weak developments.
  • Increase in base-pay still lacks strength.
  • Wage-costs have not been directly impacting prices.
  • The productivity of Japanese firms in the service sector is low when compared to industry standards.
  • Will take time to dispel deflationary mindset.
  • Measures to improve productivity seen having positive effect in long run, to reduce upward pressure on prices in short run.
  • Consumers are reluctant to accept price rise.