In Japan, raw labour data is typically acquired less frequently, and only a few local suppliers offer off-the-shelf products. Given this lack of sources, we review a paper from the Bank of Japan that investigates the application of LLMs to textual data derived from economic surveys, aiming to evaluate recent wage and price trends in Japan. The paper shows that context-aware LLMs can extract richer and timelier economic insights. 

In this piece, we discuss the paper...