(Bloomberg) -- Consumer price growth in Tokyo decelerated in March, supporting the central bank’s case for a cautious policy stance after its first rate hike...
-- Consumer price growth in Tokyo decelerated in March, supporting the central bank’s case for a cautious policy stance after its first rate hike since 2007 earlier this month.Apple Plans New iPad Pro for May as Production Ramps Up Overseas
Adding to the case for such a move is the yen, which weakened Wednesday to a 34-year low versus the dollar, prompting a blast of verbal warnings from government officials intent on putting a floor under the currency. The BOJ’s board will next convene in April, when it will update its price outlook. In its latest report from January, the bank projected the country’s consumer prices would rise by 2.4% in the fiscal year beginning in April before growth slows to 1.8% in the following year.“For the Bank of Japan, a mild pullback in the core gauge — which is comfortably above its 2% target and set to stay there for a couple of quarters — is unlikely to change the bigger picture.
Authorities are hopeful that wage gains spurred in part by the nation’s chronic labor shortage may support a recovery in consumers’ appetite for spending. Japan’s biggest umbrella group of labor unions, Rengo, said this month that companies agreed in negotiations to give 5.3% wage gains in the coming fiscal year, the biggest in more than 30 years and much higher than analysts forecast.
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