How the global cost-of-living crisis could affect Japan – BBC News

BBC News published this video item, entitled “How the global cost-of-living crisis could affect Japan – BBC News” – below is their description.

People globally are facing a cost-of-living crisis, but in Japan shoppers have been used to decades of stable or falling prices.

The country now faces rising prices, which is a big deal, partly because people’s wages haven’t gone up since the 90s.

Japan hit its inflation target of 2% in April this year, almost a decade after it was set.

But with much of it driven by the global rise in prices, rather than consumer demand, many are questioning whether it is the kind of inflation the country needs.

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About This Source - BBC News

The video item below is a piece of English language content from BBC News. The British Broadcasting Corporation (BBC) is a British public service broadcaster funded by the UK Government, and British license fee payers. Its headquarters are at Broadcasting House in Westminster, London.

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In This Story: Inflation

In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.

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In This Story: Japan

Japan is an island country in East Asia located in the northwest Pacific Ocean. Part of the Pacific Ring of Fire, Japan comprises an archipelago of 6,852 islands covering 377,975 square kilometers (145,937 sq mi); the country’s five main islands, from north to south, are Hokkaido, Honshu, Shikoku, Kyushu, and Okinawa. Tokyo is Japan’s capital and largest city.

Japan is divided into 47 administrative prefectures and eight traditional regions. The Greater Tokyo Area is the most populous metropolitan area in the world, with more than 37.4 million residents.

Japan is a great power and a member of numerous international organizations, including the United Nations (since 1956), the OECD, and the G7. Japan is a leader in the automotive and electronics industries.

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