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The economy will probably keep slowing for now but inflation isn’t spreading from commodity-related goods because wage growth is subdued, Bank of Japan Gov. Masaaki Shirakawa said Tuesday.

“Growth will likely remain sluggish for the time being” because of higher energy prices and a cooling global economy, Shirakawa said in a speech in Nagoya. “Second-round effects” of inflation are “unlikely to emerge in the near term,” he said.

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