BOJ's Kuroda: Will take time to dispel deflationary mindset

Haruhiko Kuroda, Governor of the Bank of Japan, is delivering his prepared remarks at the ECB's panel titled 'Price and wage setting in advanced economies.'

Key quotes (via Reuters)

• Japan's economy has improved significantly. 
• Wages and prices have continued to show relatively weak developments.
• Increase in base-pay still lacks strength.
• Wage-costs have not been directly impacting prices.
• The productivity of Japanese firms in the service sector is low when compared to industry standards.
• Will take time to dispel deflationary mindset.
• Measures to improve productivity seen having positive effect in long run, to reduce upward pressure on prices in short run.
• Consumers are reluctant to accept price rise.