The relatively weak price developments compared to the economic expansion and tight labor market conditions are attributed to the mindset and behavior based on the assumption that wages and prices will not increase easily. These mindset and behavior have been deeply entrenched among firms and households, due mainly to the experience of prolonged low growth and deflation.
こうした労働需給の引き締まりのもとで、賃金は、緩やかに上昇しています(図表7)。
Under such tightening of labor market conditions, wages have been rising moderately Chart 7.
As I mentioned earlier, however, price developments in Japan have remained relatively sluggish compared to the economic expansion and the labor market tightening.
こうした労働需給の引き締まりを受けて、賃金も緩やかに上昇しています。
Reflecting such tightening in labor market conditions, wages have been increasing moderately.
労働需給の引き締まり傾向から名目賃金にも次第に上昇圧力がかかっていく。
Nominal wages are likely to see gradual upward pressure as a tightening of labor supply and demand conditions becomes evident.
賃金の面では、労働需給の引き締まりを背景に、パート雇用者だけでなく、正社員の給与も増加しています。
In terms of wages, those of not only part-time but also full-time employees are rising against the backdrop of tightening labor market conditions.
こうした労働需給の引き締まりを反映して、雇用者所得も緩やかに増加しています。
Reflecting the tightening of labor market conditions, employee income has been increasing moderately.
As this shows, the tightening of labor market conditions essentially would push up prices through increases in wages and demand.
企業部門の好調さが、労働需給の引き締まりとそれに伴う雇用・所得環境の改善に繋がっています。
Positive developments in the corporate sector have led to a tightening in labor market conditions and to an improvement in the employment and income situation in accordance with that tightening..
However, prices have continued to show relatively weak developments compared to the economic expansion and the labor market tightening, and it is still taking time to achieve the price stability target.
The year-on-year rate of change in the consumer price index(CPI, all items less fresh food) has been positive but has continued to show relatively weak developments compared to the economic expansion and the labor market tightening.
On the price front, the year-on-year rate of change in the consumer price index(CPI) has been positive but has continued to show relatively weak developments compared to the economic expansion and the labor market tightening.
Private consumption has shown some signs of improvement, driven by a moderate increase in employee income. On the back of tightening labor market conditions, a modest increase in employee income has been seen Chart 3.
Household Sector: Developments in Wages and Private Consumption Turning to the household sector, firms' positive stance has led to a tightening in labor market conditions and, accordingly, an improvement in the employment and income situation.
If the number of employees keeps increasing in line with the continuing economic expansion, a further tightening of labor market conditions will become inevitable.
Although the CPI has continued to show relatively weak developments compared to the economic expansion and the labor market tightening, the economy at least no longer has been in deflation over the past few years in the sense of a sustained decline in prices.
However, prices have continued to show relatively weak developments compared to the economic expansion and the labor market tightening, and the Bank's price stability target of 2 percent in terms of the annual inflation rate has not yet been achieved.
Meanwhile, prices have continued to show relatively weak developments compared to the economic expansion and labor market tightening, with Policy Board members' forecasts presented in the April 2019 Outlook Report indicating that it likely would still take time to achieve the price stability target.
On this basis, they shared the recognition that, taking account of the recent underlying trend in the CPI, the year-on-year rate of change in the CPI continued to show relatively weak developments compared to the economic expansion and the labor market tightening.
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