Let me emphasize again: the real increase in wages once the exact nominal increase is specified, depends exclusively on consumer price growth, i.e. inflation. Any real growth in wages in the course of this year will be determined by the effectiveness of the government and the National Bank in terms of keeping inflation under control. BIS Review 4/2009  1  2.
These are certainly not easy challenges, but we have to take them on with great determination. V.  The Bank of Japan’s response  Finally, let me briefly touch on the Bank of Japan’s response after the earthquake struck.