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Bank of Japan officials expect further downward pressure on consumer prices in fiscal 2021 due to falling costs of mobile phones and associated costs, MNI understands.
The BOJ board's median forecast for inflation rate published Thursday, saw upward revision to 0.5% from 0.4% in FY21, but it didn't include the expected fall in mobile call and data costs.
"With regard to mobile phone-related prices (i.e., prices of and charges for mobile phones), major carriers recently have successively announced new plans at a low price, and thus the CPI may be pushed down further for the time being depending on how they will be reflected in the CPI," the full text of the BOJ's January Outlook Report released on Friday showed.