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Japan advisers urge focus on sustaining growth after inflation hits BOJ goal
Advisers said weak consumption and income growth still threaten a durable exit from deflation, even as core consumer prices rose 2.1% in September.
- On Nov 11, private-sector members of the Japanese Council on Economic and Fiscal Policy stated that hitting the BOJ's 2% inflation target is not an end in itself, stressing that achieving a growth-driven economy with sustained income increases remains the priority.
- This submission follows The BOJ declaring victory last month in its nearly 14-year battle to achieve its inflation target, though Japan's private consumption remains weak despite steady progress away from deflation.
- The core consumer price index rose 2.1% recently, exceeding the BOJ target for the first time in nine months, prompting The BOJ to flag the need for continued interest rate hikes to guard against upside price risks.
- Prime Minister Sanae Takaichi added that the ultimate goal is to ensure people feel the benefits of economic growth through higher incomes and productivity, as members cited risks including energy prices, financial market conditions, and AI-related investment trends.
- Based on the existing joint accord, the government will continue to work closely with the BOJ, with each side fulfilling its respective role to secure price stability and sustainable economic growth, Takaichi added.
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Japan advisors urge focus on sustaining growth after inflation hits BOJ goal
TOKYO, Nov 11 : Private-sector members of the Japanese government's top economic panel said on Wednesday that hitting the central bank's 2 per cent inflation target is not an end in itself, stressing that higher incomes and productivity were needed for a lasting exit from deflation.The submission to the Counc
·Singapore, Singapore
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Japan advisers urge focus on sustaining growth after inflation hits BOJ goal
Private-sector members of the Japanese government's top economic panel said on Wednesday that hitting the central bank's 2% inflation target is not an end in itself, stressing that higher incomes and productivity were needed for a lasting exit from deflation.
·London, United Kingdom
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