In Japan, consumer prices excluding fresh food rose 0.7 percent in September from a year earlier, the statistics bureau said today in Tokyo, in line with economist estimates. The rate, the Bank of Japan’s favored measure of inflation, advanced to 0.8 percent in August, the fastest pace since November 2008.
“The momentum is still on,” Takuji Okubo, the chief economist at Japan Macro Advisors in Tokyo, said of Japan’s inflation data in a Bloomberg Television interview. “If the Japanese economy can keep growing, say for another 12 months, there’s a very good chance Japan can be on a very good track of eliminating deflation.”
Japan is considering how much of its $1.2 trillion in foreign-exchange reserves it will allocate for management by private-sector financial institutions, Finance Minister Taro Aso said today. The aim of such a move is to generate profits on holdings, he said while responding to a question about the Cabinet approving a bill to amend the law on managing the government’s special accounts.
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