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MNI INSIGHT: 3% Japan CPI Eyed But Easy Policy To Remain

(MNI) Tokyo
(MNI) Tokyo

Inflation continues to edge higher in Japan, outpacing the BOJ's target, but policy seen unchanged as inflation expected to slow in 2023.

Japan’s core consumer price index rose 2.4% year-on-year in July, hitting the highest level since December 2014 when it rose 2.5% and there are expectations among Bank of Japan officials of it reaching 3% later this year, MNI understands.

Core inflation rising to 3% will not lead to a shift of the central bank’s easy policy, however, as it won’t be seen as sustainable. The index is expected to slow in fiscal 2023 as base effects from the rise in energy prices drop out (MNI INTERVIEW: Global Risks Mean BOJ Must Stay Easy - Sekine).

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Japan’s core consumer price index rose 2.4% year-on-year in July, hitting the highest level since December 2014 when it rose 2.5% and there are expectations among Bank of Japan officials of it reaching 3% later this year, MNI understands.

Core inflation rising to 3% will not lead to a shift of the central bank’s easy policy, however, as it won’t be seen as sustainable. The index is expected to slow in fiscal 2023 as base effects from the rise in energy prices drop out (MNI INTERVIEW: Global Risks Mean BOJ Must Stay Easy - Sekine).

Keep reading...Show less