boj minutes, 2018-06-15
One member said that inflation had been constrained by what could be regarded as a kind of "social mode" in Japan, which had been brought about by the experience of a prolonged period of low growth and deflation, such as the labor-management-negotiation style of placing priority on the stability of employment over wage increases, firms' cautious price-setting stance reflecting their concern about losing customers, and rate-setting policies for administered prices.
Sentiment: neutral
Topic: mp_inflation