It is  5 The issues concerning statistical features and the compositional effects for analyzing real wages were  explained in the following speech: Wakatabe, M., "Japan's Economy and Monetary Policy," speech at a meeting with local leaders in Hiroshima, September 1, 2021, https://www.boj.or.jp/en/about/press/koen_2021/ko210901a.htm. For prices to rise in a sustainable and stable manner, both wages and inflation expectations need to increase.
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).