Bank of Japan chief Kazuo Ueda on Thursday expressed confidence in the price outlook, indicating that Japan is experiencing inflation, not deflation, as wage growth is expected to support the upward momentum. Speaking in parliament, Ueda noted that the effects of higher import costs have been wearing off but service prices have been rising against a backdrop of pay hikes, a positive development for the BOJ to achieve its 2 percent inflation goal. Financial markets are fixated on when the BOJ will end its negative interest rate policy. Expectations have heightened that the Japanese central bank…