Kuroda touches on the economy
- People's cautious activity during this period has weighed on consumption
- Weak wage growth isn't the main cause of softer consumption
- Rise in wages has been relatively moderate but still small
- Expects consumption to recover once virus infections subside
I've mentioned this before but it's well worth a reminder that the pandemic didn't bring about fresh problems to the Japanese economy, but rather it exacerbated the ongoing and protracted impact from "legacy" issues that have persisted for more than two decades.