Chart 16  Correlation between Wages and Prices 2022 phase  Big push Hike in raw material prices  Accumulated savings during the pandemic  Increase in the CPI  Moderate increase in private consumption  Pass-through of wage increases to selling prices  Stronger correlation between wages and prices and increased pass-through  Increase in wages  Current phase  Investment for labor substitution  Rise in workers' bargaining power due to labor shortages and an increase in turnover  Rise in real wages  Improvement in productivity  Decomposition of Economic Growth in Japan and the United States  Japan  Sources: Cabinet Office; Ministry of Internal Affairs and Communications; OECD.
We look forward to the insights from the FSAP expert panel so that our macroprudential policy framework best contributes to a well-functioning financial system. This should include the work on our Systemic Risk Crisis Management Framework. This framework represents the Council’s enduring commitment to manage systemic risks at the highest level of policy.