デフレとの闘い「終幕が視野」　国際会議で講演―内田日銀副総裁

　日銀の内田真一副総裁は２７日、東京・日本橋の本店で開かれた国際会議で講演した。３月にマイナス金利解除など大規模金融緩和から政策転換したことについて、「人々の物価観を（目標の）２％に定着させるという大きな課題は残っているが、デフレとの闘いの終幕は視野に入った」との見方を示した。
　日本でデフレが長引いた背景については「１９９０年代から２０００年代にかけ、慢性的な需要不足により物価は低下したが、当時の金融政策は需要を十分に刺激できなかった」と説明。日本経済特有の現象として、「現在の物価と賃金は将来も変わらないというノルム（社会通念）を生み出した」とも指摘した。
　内田副総裁は、人手不足の深刻化など労働市場が構造的に変化しているほか、デフレ的なノルムも「解消に向かっている」と分析。「今回こそはこれまでと違う」と強調し、日本経済がデフレに後戻りしないことに期待感を示した。（2024/05/27-15:06）

The end of Japan's battle with deflation "is in sight" although there still is "a big challenge to anchor" people's inflation expectations to 2 pct, Bank of Japan Deputy Governor Shinichi Uchida has said.
   He made the remarks in a speech at an international conference held at the BOJ's headquarters in Tokyo on Monday, in reference to steps the central bank took in March, including the lifting of its negative interest rate policy, for a shift from its unprecedented monetary easing. The BOJ aims to help the country achieve 2 pct inflation stably and sustainably.
   The inflation rate declined in the 1990s and 2000s due to chronic demand shortages, but the BOJ's monetary policy, "which was mostly conventional at that time and faced with the zero lower bound constraint, could not sufficiently stimulate demand," Uchida said of the factor behind Japan's prolonged deflation.
   As a phenomenon unique to the Japanese economy, he pointed out that "the mild but persistent deflation created a social norm based on the belief that 'today's prices and wages will be the same tomorrow.'"
   The social norm is "set to be dissolved," Uchida said, also citing structural changes in labor market, such as serious personnel shortages.