Japan Closer to Achieving 2% Inflation Target, BOJ Governor Says

TOKYO—Bank of Japan Gov. Kazuo Ueda said Thursday that the central bank is getting closer to achieving its 2% inflation target, reaffirming his stance of seeking further interest-rate increases.

“Amid tightening labor market conditions, firms’ wage- and price-setting behavior has changed significantly in recent years, and the achievement of the 2% price stability target, accompanied by wage increases, is steadily approaching,” Ueda said in a speech.