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Haruhiko Kuroda can now give his troubles a name: Toyota. It’s hard to draw a kinder conclusion as the company that’s benefited most from the central bank governor’s easing policies offers its 63,000 union employees a measly ¥4,000 per month pay hike.

Kuroda stood pat at Tueday’s BOJ policy meeting, despite warning that inflation could temporarily decline to zero percent if not go negative because of falling energy costs. The hope is that lower oil prices and annual raises, which are being negotiated between unions and corporations right now, will finally encourage Japanese to start spending again.

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