[Institution: Bank of Japan's Vigilance Against Lagging Behind Inflation Rises] Jin10 Data reported on April 28 that Naomi Muguruma, a strategist at Mitsubishi UFJ Morgan Stanley Securities, stated that the Bank of Japan appears increasingly wary of the risk of 'lagging behind the curve' on inflation issues. In a report released on Tuesday, the Bank of Japan noted that, given underlying consumer inflation is gradually approaching the 2% target and companies are increasingly willing to pass higher costs onto wages and prices, it is necessary to avoid inflation surging and thereby dragging down the economy. The strategist commented: 'This indicates that even if the economy slows due to the impact of the Middle East conflict, the Bank of Japan's path to achieving the 2% inflation target will not undergo significant changes.'