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Japan's business service prices rise at fastest annual pace since March 2015

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TOKYO : Japanese corporate services prices in April rose at their fastest pace since early 2015, Bank of Japan data showed on Tuesday, boosted by labour costs in the services sector in a positive signal for policymakers looking for wages-led cycle of demand growth.

FILE PHOTO: Pedestrians are reflected on a curved mirror next to Japan’s national flag in a shopping district in Tokyo, Japan March 19, 2024. REUTERS/Kim Kyung-Hoon/file photo

The annual gains reflect rising labour costs in labour-intensive service businesses such as machine repair and industrial facility renovation. Low wages in Japan have long been a stumbling block to fostering sustainable consumption and broader economic growth. But businesses have recently delivered their biggest pay hikes in decades, seen by many as a major reason for BOJ's policy shift.

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Business service prices rise at fastest annual pace since March 2015TOKYO : Japanese corporate services prices in April rose at their fastest pace since early 2015, Bank of Japan data showed on Tuesday, boosted by labour costs in the services sector.The Corporate Services Price Index (CSPI) rose 2.8 per cent year-on-year in April, following a 2.
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