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Russia’s exclusion from global financial regime to have adverse impact on Japan  

  • February 28, 2022
  • , All national papers
  • JMH Summary

All national papers wrote on Monday that the GOJ’s decision to join the West in removing Russia from the SWIFT financial system is bound to boomerang on Japan in the form of a surge in consumer prices, especially those of imported products such as wheat and petroleum of which Russia is a major global supplier. While inflation has been picking up speed due to increased prices for food, gasoline, and other daily necessities, many Japanese companies have turned a deaf ear to the Kishida administration’s calls for wage hikes for employees. The dailies projected that if the emerging inflation is not met with higher salaries, personal consumption is likely to plunge, further slowing the already fragile economic recovery from the pandemic. They added that Japanese banks and companies will be looking for alternative ways to conduct financial transactions with Russian clients. 

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