After the jobs-to-applicants ratio in Japan exceeded its 1990 peak last month, it has just reached its highest level in 43 years, reports the Financial Times.

There is, however, no sign the labor tightness is creating upward price pressure, despite data suggesting the economy is growing steadily.

“Having failed to engineer a quick upward shift in inflation expectations, the BoJ is now struggling to gain traction with its argument that labour market tightness will lead to faster growth in wages and prices,” Yasunari Ueno, economist at Mizuho Securities was quoted as saying.