Tokyo, May 27 (Jiji Press)–The recent oil price shock was “broad and persistent,” Bank of Japan Governor Kazuo Ueda said Wednesday. The shock was “broad and persistent enough to help move Japan away from the old deflationary norm, though not into an early 1970s-style inflation spiral,” Ueda said in a speech in Tokyo. “The boundary between temporary and persistent inflation is not mechanical. A temporary shock can become persistent if it changes wages, expectations, and price-setting behavior,” he said. END [Copyright The Jiji Press, Ltd.]
BOJ Governor Calls Oil Price Shock Broad, Persistent
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