BOJ Board Member: Japan Inflation Exceeding 2% Target, But Not Wage-Driven Yet
• Japan not yet seeing wage-driven rise in inflation, still cost-push factors driving price gains • Recent inflation exceeds BOJ 2% target but not wage-backed, per BOJ board member Asahi Noguchi • Noguchi Spring wage hikes best in 30 years but only start of possibility of hitting 2% target • BOJ officials stress keeping ultra-loose policy until 2% inflation durably achieved and wage-backed • Market expectations rising that BOJ will exit ultra-loose monetary policy in 2023