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The recent rise in international commodity prices will be transitory and will not last for too long, Bank of Japan Governor Haruhiko Kuroda said Monday, noting that higher prices were due mainly to supply restrictions that will end later this year or early next year.

speaking to reporters following an online conference, Kuroda noted that corporate goods prices rose about 5% year on year and corporate service prices were also also higher, but those higher costs hadn't yet filtered through as many businesses remain wary of passing higher costs on.

Earlier in the day, corporate executives pointed out that smaller firms haven't transferred high costs to retail prices and their profits are being squeezed. Kuroda said that corporate price-setting will change if the vaccine rollout spreads and consumer sentiment changes, which could trigger higher prices.