摩根士丹利：2025年日本的新消费者：日本宏观遇见微观报告（英文版）

Japan's economy exited a deflation/zero-inflation equilibrium that lasted for many years. This greatly altered the social norm of “no wage hikes, no price hikes.” There is now growing social acceptance that moderate price hikes are necessary to increase worker wages in a sustainable manner. Considering higher long-term inflation expectations, structural labor shortages tied to demographic trends, and continuation of a low real interest rate under the policy of targeting stable 2% inf