"It's true the impact of elevated global inflation is reaching Japan's economy with consumer inflation exceeding the BOJ's 2% target since the spring of 2022.”

“But the rise (in inflation) is mostly due to cost-push factors amid higher import prices,"

“To achieve our 2% inflation target, we must see price rises backed by sustained wage increases.”

"While annual spring wage negotiations this year achieved wage hikes unseen in 30 years, we've only just reached a stage where the possibility of achieving our target has come into sight,”