Nearly 90% of Japanese felt prices rising from a year earlier, the highest in 14 years, a Bank of Japan survey showed Wednesday, as Russia’s war against Ukraine and a sharp drop in the yen have sent energy and food prices higher.
Accelerating inflation should come as a relief to the BOJ, which has been struggling to attain its 2 percent target in a country long stuck in deflationary mindset. But cost-push inflation is seen by the central bank as transitory and households are now feeling pain without strong wage growth, a key issue in Sunday’s House of Councilors election.
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KEYWORDS
inflation, Bank of Japan
