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Bank of Japan Deputy Governor Masayoshi Amamiya on Wednesday warned of uncertainty for a smooth recovery of private consumption, prolonged supply-side constraints and the outlook for overseas economies.

“There remain uncertainties over whether services consumption will pick up steadily during the Covid-19 era,” Amamiya told business leaders in Tokushima City.

“As the impact of Covid-19 wanes, the demand imbalance and bottlenecks on the production and logistics sides are likely to essentially head toward a resolution. That said, it is necessary to carefully examine the extent to which supply-side constraints will remain,” Amamiya said.