The Cabinet Office said that rising prices are hurting Japanese consumers, especially young people, and around 64 trillion $498 billion in excess savings have been accumulated over the last few years of COVID -- 19 and have done little to support consumption.
The recent bout of inflation, which has twice as fast as the Bank of Japan's 2% target, is due to higher costs, as the office said in its annual economic report Friday that the time is not ripe to change dovish policy, as support from robust wage growth is still lacking.
The third-largest economy of the world has shrank unexpectedly in the July-September quarter of 2022 due to inflation at home and recession fears about the global economy.
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