TOKYO—Japanese consumers’ inflation expectations hit a record high in March, a government survey showed on Wednesday, as people’s perceptions of future price moves were affected by surging energy and food costs blamed on the Ukraine crisis. While heightening inflation expectations could help the Bank of Japan (BOJ) achieve its elusive 2 percent price target, there is a danger that the rising raw material costs could cool consumption and the broader economy unless accompanied by wage hikes, analysts say. Consumers’ one-year inflation expectations hit 2.67 percent in March, up from 2.43 percent in February, and were the highest since comparable data became available in 2014, the survey showed. Of the total, 15.5 percent said they expect prices to rise by around 3 percent a year from now, up from 13.7 percent in February and the highest ratio since 2019, according to the survey. The survey was conducted between March 3–7. Years …