BOJ Members Saw Increasing Upward Pressure on Prices

Politics Economy

Tokyo, Dec. 27 (Jiji Press)--Some Bank of Japan policymakers, at a meeting earlier this month, shared a view that upward pressure on consumer prices is heightening, a summary of opinions at the meeting showed Monday.

"Producer prices have continued to increase at a historically high pace" mainly due to higher crude oil and other resources prices, according to an opinion of a Policy Board member cited in the summary for the Dec. 16-17 monetary policy meeting.

"The underlying upward pressure on consumer prices also seems to have been increasing gradually," the member continued.

Another policymaker forecast a rise in consumer prices on higher energy prices.

In its next quarterly Outlook for Economic Activity and Prices report, to be released next month, the BOJ needs to "examine whether the current assessment that risks to prices are skewed to the downside will remain appropriate," a member said.

[Copyright The Jiji Press, Ltd.]

Jiji Press