June 4, 2018 / 1:39 AM / in 3 months

Former BOJ Governor Shirakawa says gauging inflation has become difficult

SEOUL (Reuters) - Former Bank of Japan Governor Masaaki Shirakawa on Monday said the accurate measurement of the inflation rate has become increasingly difficult due to the development of goods and services that don’t use traditional pricing structures.

FILE PHOTO - Outgoing Bank of Japan Governor Masaaki Shirakawa smiles during his last news conference as head of the central bank, in Tokyo March 19, 2013. REUTERS/Yuya Shino

“Looking at the future, how confident can we be in measuring prices?” he said at a forum hosted by the Bank of Korea in Seoul.

“If you use Google map you can use good navigation for free, in exchange for (providing) private data.”

Shirakawa added Japan’s economic growth rate is doing “reasonably well” given the demographic challenges in the country.

Reporting by Cynthia Kim and Christine Kim; Editing by Sam Holmes

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