Trump tariffs, inflation and union pay deals weigh on interest rate decision
Customers shop at a supermarket in Osaka. The rising cost of food and other essentials is a major issue in political campaigning for Japan's upper house election. (Photo by Kosaku Mimura)
TOKYO -- Japan's stubbornly high inflation and U.S. trade tariffs are casting a pall over both this month's upper house election race and the central bank's efforts to normalize monetary policy.
The squeeze on living standards has pushed politicians to promise handouts and tax cuts ahead of the election on July 20. Core consumer prices rose 3.7% in May from a year earlier, well above the Bank of Japan's 2% target.
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The move raises concerns over companies’ profitability and whether they can continue to keep raising wages at home.
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The Bank of Japan expectantly stood pat on interest rates at 0.5% in the face of an uncertain trade climate.
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