boj speech, 2025-07-03
In sum, my assessment is that, although Japanese firms weathered past trade friction and the cost competition with firms overseas due to the yen's appreciation by means of restructuring, mainly in terms of wages, and of cost reduction, including involving affiliates, this had the side effects of creating the norm that wages and prices do not rise and of bringing on the employment ice age.
Sentiment: neutral
Topic: mp_economic_activity