BoJ hawkishness due to weak yen belies wage inflation concerns

The contrast in Japan-US economic, price and wage performance and their implications for monetary policies

Japan and the US have faced new challenges related to the conduct of monetary policy in the post-Covid-19 era, with heightened uncertainties amplified by rising living costs, geopolitical risks and labour shortages. Nevertheless, their challenges differ in nature, reflecting contrasted economic, price and wage developments. Since 2022, the excessively cheap yen – particularly this year – has emerged as a major concern for the Bank of Japan and the government. The dollar-yen exchange rate

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