The governor of the Bank of Japan has been forced to retract his claim that consumers had become more “tolerant” of price rises after a public backlash overy soaring food and energy costs.
The rare apology issued by Haruhiko Kuroda underscored the political sensitivity of price increases ahead of July elections to the upper house of Japan’s parliament that are likely to be largely fought over the rising cost of living.
“My expression that households are becoming more tolerant of price rises was utterly inappropriate, so I will retract it,” Kuroda said in parliament on Wednesday.
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