TOKYO: Bank of Japan policymakers said at a meeting earlier this month that the crisis in Ukraine may negatively impact the Japanese economy, a summary of opinions at the meeting showed Tuesday.
“Russia’s invasion of Ukraine has caused uncertainties to become extremely high,” a member of the central bank’s Policy Board warned at the March 17-18 monetary policy meeting.
“A rise in commodity and food prices and the materialization of geopolitical risks may put strong downward pressure on the economy,” the member said.
On consumer prices, a policymaker suggested that “the underlying inflationary pressure…seems to be gradually increasing.”
Another opinion was that “it is unlikely that a surge in prices of imported raw materials will lead to a sustained rise” in consumer prices.