Bank of Japan Governor Kazuo Ueda said underlying inflation is accelerating toward the bank’s 2% target, stressing that price rises must be matched by solid wage gains. The remarks came ahead of the central bank’s two-day policy meeting ending on Thursday, where the board is widely expected to keep interest rates steady at 0.75%. Ueda told parliament that wages and prices are rising moderately in tandem as firms grow bolder in passing on higher raw material and labour costs. “Underlying inflation is gradually accelerating towards our 2% target,” and is seen converging around 2% sometime from the latter half.

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