Ukraine Crisis May Hurt Japan’s Economy via Fuel Spike, Says BOJ Policymaker

Ukraine Crisis May Hurt Japan’s Economy via Fuel Spike, Says BOJ Policymaker
A man walks past the headquarters of Bank of Japan amid the COVID-19 outbreak in Tokyo, on May 22, 2020. Kim Kyung-Hoon/Reuters
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TOKYO—The crisis in Ukraine could hurt Japan’s economy by driving up the price households and companies pay for fuel and commodities, a central bank policymaker said on Thursday.

Japan’s consumer inflation could briefly approach the central bank’s elusive 2 percent target due in part to sharp rises in energy costs triggered by the crisis, Bank of Japan (BOJ) board member Junko Nakagawa said.