Japan Making Progress as CPI up 1.3%

Japan reported a 1.3 percent on-year rise in its nationwide core consumer price index (CPI) for the month of December, a sign that the economy is making progress on ending years of deflation.  The reading was above expectations for a 1.2 percent rise in a Reuters poll and marked a fresh five-year high.

December’s reading also brings inflation one step closer to the Bank of Japan’s 2 percent target under Abenomics – a series of policy measured unrolled by Japanese Prime Minister Shinzo Abe to dig the Japanese economy out of a rut.

Core-core CPI excluding food and energy prices rose 0.7 percent on year in December, matching its August 1998 high.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.