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Bank of Japan policy board member Asahi Noguchi said Thursday that the central bank must maintain its ultraeasy monetary policy to promote wage growth.
“It is important to have wage growth that is faster than the inflation target to achieve appropriate price increases in a stable manner,” Noguchi said in a speech.
Japan’s consumer prices rose 3.7% from a year earlier in October, while overall cash wages rose 2.2% in September, according to government data.
The BOJ needs to continue monetary easing to help Japan’s job market recover to prepandemic levels and encourage further rises in wages, Noguchi said.
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