© Reuters. Japanese nationwide flag is raised atop the head office of Bank of Japan in Tokyo, Japan September 20, 2023. REUTERS/Issei Kato/File Photo
By Leika Kihara
KOBE, Japan (Reuters) -Bank of Japan board member Toyoaki Nakamura stated on Thursday the reserve bank will likely require some more time before customizing its ultra-loose financial policy.
Nakamura stated Japan’s continued financial healing, tight labour market and an increasing variety of employees changing tasks are increasing the opportunity that wage development will ultimately surpass the rate of inflation.
But genuine incomes fell from year-before levels for the 18th straight month in September as inflation struck 2.8% due mostly to cost-push elements, he stated, worrying the requirement to preserve ultra-loose policy for the time being.
“We haven’t reached a stage where we can say with conviction that sustained, stable achievement of our 2% inflation target, accompanied by wage growth, is in sight,” Nakamura stated in a speech to magnate in the western Japan city of Kobe.