boj speech, 2024-02-08
In economies in which inflation continues to be at around 2 percent every year --for example, economies like Europe and the United States, as well as Japan in the 1980s --even if a firm raises base pay too much in one year, this would not create an increase in its fixed costs because it can make up for this rise by adjusting base pay increases from the following year.
Sentiment: neutral
Topic: mp_economic_activity