BOJ's Sakurai - CPI is still far from the 2 percent target

Comments from Bank of Japan (BOJ) board member Sakurai are crossing the wires via Reuters-

• CPI is still far from the 2 percent target, but the mechanism for prices to rise is intact
• Expect overseas economies to continue gradual recovery
• Need to watch how the normalization of US monetary policy affects investment flows
• Japan's economy is shifting to domestic demand driven growth
• Rising labor participation rate and productivity are reasons for slow gains in wages and prices
• Companies will eventually reach a limit in absorbing high labor costs
• Expect companies to start raising prices, which will push inflation to 2 percent