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The Bank of Japan may be underestimating the risk of being too late in addressing mounting inflationary pressures from rising service prices and wages, the central bank's former top economist said. The bank on Tuesday raised its inflation forecasts to well above its 2% target for this year and next but said the revisions were largely due to transitory factors, such as more companies passing on higher raw material costs through hikes in goods prices. The BOJ projected inflation would recede below 2% in 2025, when cost-push factors run their course and begin to be replaced more fully by upward pressure from higher wages.

William mallardKazuo uedaSeisaku kamedaLeika kiharaJapan sompo holdingsSompo holdingsBank of japanInflation forecastsInflation targetService pricesSeisaku kamedaCost push inflationNflationary pressuresPrice pressures