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BOJ agreed on need for low rates, saw wage hikes as key to outlook

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Bank of Japan policymakers saw wage hikes as key to sustainably achieve their 2% inflation target, minutes of the June meeting showed, underscoring the bank's resolve to keep interest rates ultra-low despite growing signs of price pressure.

Some in the nine-member board saw price rises broadening and leading to changes in long-held public perceptions that inflation and wages would not rise much in the future, according to the minutes released on Tuesday.

"Many members spoke about the importance of wage increases from the perspective of achieving the BOJ's price target in a sustained and stable fashion." "The BOJ must maintain monetary easing until wage hikes become a trend, and help Japan achieve the bank's price target sustainably and stably," another member said.

 

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