MIdeaJapanEconomics|JapanGovtAnnouncesNewCounter-InflationMeasures:EarlierPositiveRealWageGrowthPossibleResumptionofelectricity/citygassubsidieswilllowerheadlineinflation,possiblyresultinginpositiverealwagegrowthrealizingearlierthanwehadexpected.Alongwithadditionalcashhandoutstopensionersandlow-incomehouseholds,itcouldbecomeapositivecatalystforconsumption.MorganStanleyMUFGSecuritiesCo.,Ltd.TakeshiYamaguchiChiefJapanEconomistTakeshi.Yamaguchi@morganstanleymufg.com+8136836-5404MasayukiInuiEconomistMasayuki.Inui@morganstanleymufg.com+8136836-5407Forimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.KeyTakeawaysAnnouncementofnewcounter-inflationmeasuresNationwideMayCPIreviewNotThatBadAfterAll—BoJ'sMeasureofUnderlyingInflationMayAttractAttentionJune21,202401:55PMGMTMIdea2GovtAnnouncesNewCounter-InflationMeasures:EarlierPositiveRealWageGrowthPossibleAnnouncementofnewcounter-inflationmeasurePrimeMinisterKishidaannouncednewcounter-inflationmeasuresatapressconferenceonJune21.ThegovernmentwillreintroduceitselectricityandcitygassubsidiesfromAugusttoOctober.Gasolinesubsidieswillbeextendedduringtheyear.Healsoindicatedhisintentiontoprovideadditionalcashhandoutstopensionersandlow-incomehouseholds.Thesizeofthesubsidiesforelectricityandcitygaswillbedisclosedinmoredetaillater,buttheprimeministersaidt...
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