BoJ Executive Director Nakamura: Frequent Supply Shocks Should Not Be Treated As Transitory As They Can Lift Underlying Inflation And Inflation Expectations

Japan Has Seen Non-Linear Price Reactions To Import Cost And FX Shocks - Monetary Policy Must Account For Such Non-Linear Inflation Risks - Shrinking Labour Supply Represents A Structural Demographic Shock Supporting Wage Growth - Central Banks Should Combine Data With Anecdotal Evidence To Better Gauge Changes In Household And Corporate Behaviour