In Japan emperor Naruhito's 1st birthday address, message for those hit by inflation

At a time when Japan is grappling with the challenge of a massive surge in prices of essentials, Emperor Naruhito on Thursday (February 23) delivered his first birthday address after he ascended the throne four years ago. Covid-related restrictions delayed his public birthday appearance, an annual tradition in Japan, over the last four years. In a message for the people of the nation, he emphathised with those in vulnerable positions. “My heart feels pain when I think about people in vulnerable positions, who are aged, who have disabilities, who are in need of support, and people in poverty and their children," the Emperor underlined.

The emperor, who was crowned in 2019, turned 63 on Thursday. He also praised people who were supporting the vulnerable groups in the difficult times and expressed his gratitude. "I feel very happy to be celebrating my birthday before the public for the first time," he further shared. His wife Empress Masako, his daughter Aiko, 21, and his brother Crown Prince Akishino were among those who accompanied him.

Also watch: Worrying sign for Japan's economy as factory activity sinks

Surging prices in Japan

Consumer inflation in Japan hit four-decade high last year. There have been no signs of relief ever since. In January, inflation figures rose 9.5 per cent from a year earlier, according to reports. A report by BBC highlighted that consumer inflation was at its highest in January since 1981. Despite the worrying figures, the inflation rate in the world's third largest economy has remained one of the lowest.

Not just Japan, other nations too are tackling a similar challenge. "Global growth is slowing sharply in the face of elevated inflation, higher interest rates, reduced investment, and disruptions caused by Russia’s invasion of Ukraine," the World Bank’s Global Economic Prospects report highlighted in January.

"Given fragile economic conditions, any new adverse development—such as higher-than-expected inflation, abrupt rises in interest rates to contain it, a resurgence of the COVID-19 pandemic, or escalating geopolitical tensions—could push the global economy into recession. This would mark the first time in more than 80 years that two global recessions have occurred within the same decade," it further stressed.

(With agency inputs)

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