The Japanese government highlighted progress toward stamping out deflation after battling it for a quarter century, and urged close cooperation with the Bank of Japan in its latest annual white paper on the economy.
The Cabinet Office subtitled this year’s paper “inflation, wages getting into motion,” mentioning inflation for the first time in around 50 years.
The government has said that deflation will have ended when prices are no longer susceptible to continued declines. While Japan’s inflation has stayed well above BOJ’s 2% target this year, the white paper said the risk of deflation coming back can’t be ruled out yet. Service prices jumped by the most in three decades last month, and in Tokyo it also accelerated to the fastest pace since 1994 in August, excluding periods when the sales tax was raised. The Cabinet Office said service price items show a mixture of strength and weakness.
The title of the statement says it’s for “overcoming deflation and achieving sustainable economic growth,” suggesting the need for revision once deflation is over.
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