BOJ chief apologizes for remark on price hikes

Bank of Japan Governor Kuroda Haruhiko has apologized for saying that households are becoming more tolerant of higher prices.

Kuroda offered the apology on Tuesday for the remark he made during a speech on Monday.

In the speech, he said households are becoming more accepting of higher prices, which he called "a crucial change" when aiming for sustainable price hikes.

He also said the key will be to bring about full-scale pay increases while households remain tolerant of higher price tags.

Kuroda told reporters that he did not intend to say households are accepting higher prices voluntarily, but that they have no choice but to accept price hikes with the utmost reluctance.

He said his choice of words was misleading and inappropriate, adding that what he wanted to say was the need for pay increases is growing.