7  Importance of Wage Increases toward Achieving the Price Stability Target Next, I would like to share the Bank's views on future wage developments, which are the key to achieving the price stability target.
As I mentioned earlier, for the time being, savings that have accumulated as a result of pandemic-related restrictions and pent-up demand will serve as a buffer to prevent private consumption from stalling. However, for such consumption to see a sustained expansion even after pent-up demand runs out, nominal wages need to rise at a higher rate than the inflation rate.