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Accelerating Wage Growth Predicted by BOJ Governor

BOJ Governor Haruhiko Kuroda predicts accelerating wage growth due to increased pay and labor shortage in Japan. The central bank will also monitor currency market movements for monetary policy guidance.

Haruhiko Kuroda, Governor of the Bank of Japan
Haruhiko Kuroda, Governor of the Bank of Japan

Bank of Japan Governor Haruhiko Kuroda gave his insights on the country's economy in a parliamentary speech on Tuesday. He stated that the wage growth in Japan is expected to increase as companies raise pay to offset the higher cost of living and address the growing labor shortage.

BOJ's Focus on Currency Market for Monetary Policy Decisions

Kuroda also noted that the central bank would continue to closely observe currency market developments and their effect on Japan's economy when making decisions on monetary policy.