BOJ Gov. Retracts Remark on Household Tolerance of Inflation

Politics Economy

Tokyo, June 8 (Jiji Press)--Bank of Japan Governor Haruhiko Kuroda on Wednesday retracted a recent remark he made in which he said households are accepting price increases.

"The remark was not at all appropriate," Kuroda told a meeting of the Financial Affairs Committee of the House of Representatives, the lower chamber of the Diet, Japan's parliament.

The BOJ chief attracted strong criticism online and elsewhere after making the remark during a speech on Monday.

"I'm fully aware that households are compelled to accept higher prices with pain," Kuroda said at the Lower House committee meeting. "I'm sorry for the misleading remark," he added.

Kuroda attributed the current price increases to surges on international commodity markets, labeling the price growth as "bad" inflation and noting that it will not last long.

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