Kuroda Says His Remark on Price Rises Inappropriate

Economy Politics

Tokyo, June 7 (Jiji Press)--Bank of Japan Governor Haruhiko Kuroda said Tuesday his remark suggesting that households in the country are accepting higher prices was "not necessarily appropriate."

The central bank chief told a parliamentary committee meeting that he accepts criticism for the remark he made in a speech in Tokyo Monday, in which he said "Japanese households' tolerance of price rises has been increasing."

Speaking to reporters, Kuroda also apologized for the remark. "I didn't mean that households are voluntarily accepting price increases," he said.

Kuroda's remark referred to the result of a University of Tokyo survey asking households what they would do if the price of a product they often buy rose 10 pct at a store they often visit.

In last year's survey, more than half of the respondents answered that they would buy at a different store, whereas over half of the respondents in this year's survey answered they would accept the price increase and buy at that store.

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Jiji Press