The Bank of Japan debated growing prospects of sustained inflation at their July meeting with one board member saying wages and prices could keep rising at a pace 'not seen in the past,' according to a summary of opinions released on Monday.
A view of signage outside the headquarters of Bank of Japan amid the coronavirus disease outbreak in Tokyo, Japan, May 22, 2020.REUTERS/Kim Kyung-HoonWages, prices could keep rising at pace unseen in pastJuly step was taken amid upside, downside price risks
"More firms have started to consider wage hikes for next fiscal year and beyond. Japan is expected to see a new phase where wages and services prices continue to increase," according to one opinion shown in the summary. With high uncertainty over the outlook, as well as both "upside and downside risks" to inflation, it was appropriate to make YCC flexible at this stage, several members said, according to the summary.
"Achievement of 2% inflation in a sustainable and stable manner seems to have clearly come in sight. In order to continue with monetary easing smoothly until an exit, the Bank should allow greater flexibility in its conduct of yield curve control," the member was quoted as saying.
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