NAGOYA, Japan—Bank of Japan Gov. Kazuo Ueda said Monday that Japan was unlikely to fall back to deflation even after pressure from higher import prices eases.
“The inflation rate will not return to the range of 0% and 1%, which was the prepandemic level,” because the virtuous cycle between wages and prices is expected to strengthen, Ueda said in a speech to business leaders in the central Japan city of Nagoya, near Toyota Motor’s home.
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