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.
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