The war in Ukraine and the pandemic have together achieved what decades of Japanese central bankers have struggled to do: boost prices in a stagnant economy.
Asked if he had felt the impact of inflation during a recent parliamentary hearing, incoming Bank of Japan governor Kazuo Ueda said he could no longer buy a lunchbox at his university convenience store with a single ¥500 ($3.70) coin.
The one-coin meals have long been a symbol of Japan’s struggle with deflation, but ¥500 is no longer enough to buy a Tomica toy car or a tempura bowl in Tokyo. Prices of some chocolate bars and sukiyaki sauce are rising for the first time, while subway fares will increase next month for the first time in nearly 30 years.
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