BOJ's Noguchi says wage growth momentum is biggest focus for Japan economy
TOKYO - Bank of Japan board member Asahi Noguchi said on Thursday that the biggest focus for the Japanese economy now was to ensure that momentum for wage growth stayed in place, with a 3% rise in nominal pay to back efforts to meet the 2% inflation target.
"Noguchi followed the consensus view among the board members," said Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities. The annual spring wage talks this year brought the highest wage hikes in 30 years, Noguchi noted, calling it"significant," as consumer inflation would slow towards the latter half of this fiscal year in line with the fading impact of high import bills.
Household spending will be restrained until real wages, or inflation-adjusted pay, which are currently in a negative territory, start to rise to a positive reading.
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