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The link between prices and wages was described in the following speech: Wakatabe, M., "Japan's Economy and Monetary Policy," speech at a meeting with local leaders in Okayama, June 1, 2022, https://www.boj.or.jp/en/about/press/koen_2022/ko220601a.htm. 6 The estimation result is explained in more detail in Appendix 2 of the Assessment for Further Effective and Sustainable Monetary Easing released in March 2021 (https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2021/k210319c.pdf).