
Core consumer prices in Japan's capital rose 2.2% in February from a year earlier, data showed on Friday, slowing for the first time in four months but remaining well above the central bank's 2% target.
The persistently high inflation will likely support the case for the central bank to continue its monetary policy tightening campaign.
The increase in the core consumer price index (CPI), which excludes volatile fresh food costs, was slower than a median market forecast of 2.3% and a 2.5% gain in January.
A separate index that strips away the effects of both fresh food and fuel costs, closely watched by the BOJ as a broader price trend indicator, rose 1.9% in February from a year earlier, advancing at the same pace as the previous month.
The Tokyo inflation figures are considered a leading indicator of nationwide trends.
The government in January reinstated subsidies to curb electricity and gas bills. The resumption of the subsidies was reflected in bills this month.
Upward price pressure could pick up again in a few months as the government plans to phase out the subsidies by the end of March.
Prices of food have also soared in recent months, prompting the government to order a release of stockpiled rice to farm cooperatives to bring down costs.
The BOJ ended a decade of massive monetary stimulus last year and raised its short-term interest rate to 0.5% from 0.25% in January on the view that Japan was on the cusp of sustainably hitting its 2% inflation target.
BOJ Governor Kazuo Ueda has said the central bank will keep raising interest rates if Japan makes continued progress in durably achieving 2% inflation, solid wage growth and domestic demand.
Source: Investing.com
Renewed tensions between the United States and Russia have resurfaced following an incident involving an oil tanker, sparking market concerns about potential disruptions to global energy supplies. Was...
According to a report from the US Department of Labor (DOL) released on Thursday, the number of Americans filing new applications for unemployment insurance rose to 208,000 for the week ending January...
Geopolitical issues have heated up again after statements and political signals from the United States sparked speculation about a possible US takeover of Greenland. Although no concrete action has be...
Private employment rose less than economists expected in December, according to the ADP report. Private employment rose 41,000 (Estimate +50,000) in December, compared with a revised -29,000 in Novem...
Greenland is not only a strategic location, but also a world-class mineral repository. The island holds vast reserves of rare earth elements (REEs), essential for modern technology. These minerals are...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...