Many Bank of Japan (BOJ) policymakers saw stronger wage growth as key to sustaining the bank's 2% inflation goal, according to a summary of opinions expressed at a June meeting, underscoring their resolve to maintain ultra-low interest rates.
The summary of views voiced at the bank's June 16-17 rate-setting meeting, published on Monday, showed one board member said sharp yen falls could hurt the economy by making it difficult for companies to set business plans, highlighting policymakers' concern over the currency's plunge to 24-year lows.
"A growing number of goods are seeing prices rise due to higher commodity costs and currency volatility. But it's appropriate to maintain current monetary policy" as the price gains aren't driven by strong demand, one member said. Several other commenters pointed to the need to stimulate the economy long enough to boost wage growth, which remains far more subdued in Japan than in other countries, the summary showed.
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