Must maintain current massive monetary policy easing.

Inflation is higher due to rising raw material costs, but Japan has yet not yet experienced sustained price increases accompanied by wage increases.

CPI is thus likely to have a lower pace of increase in the second half of fiscal 2023.

If the economic slow down overseas intensifies that could be a weight on the economy of Japan and prices.

The outlook for Japanese wage negotiations is difficult to forsee due to economic uncertainty overseas.

If firms remain cautious about hiking pay that could prevent Japan from having a sustained rise in inflation.