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Japan’s economic growth is slowing because of costlier oil and raw materials and Bank of Japan policy will remain flexible, BOJ Gov. Masaaki Shirakawa said Thursday.

Rising commodity prices “would mean a drag on corporate profits and a decline in households’ purchasing power,” Shirakawa said at an Upper House committee session. “(The BOJ) needs to carefully monitor” whether eroding incomes will hurt business investment and consumption, he added.

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