He already apologised for it yesterday but it was a bit too late as he drew plenty of flak from lawmakers and the public alike. Kuroda mentioned that Japanese households are "becoming more accepting to price rises, which is an important change to achieving the BOJ's price goal". Adding that forced savings, accumulated during the pandemic, may have led to households being more accepting to price rises.
He explained himself as saying that the remark was meant to point towards the need for more wage growth i.e. seeking a push from lawmakers. But in a landscape where politicians control the narrative, that's a no no from Kuroda.
In any case, the situation continues to underscore the tough situation between central banks and governments across the globe as rising inflation pressures bite at consumer spending. The biggest loser is once again, the people.
