Energy prices and a weak yen are among the factors propelling rising consumer prices, which jumped 7.4 percent year-on-year in July. This was the biggest increase since 2014. Wages have not increased accordingly, but the Bank of Japan does not intend to alter its policies, believing the inflation to be temporary.

The Bank of Japan launched a negative interest rate policy on Tuesday, an unusual move intended to boost the growth of Japan’s economy and stir inflation.