Giappone Inflazione Core

The core consumer price index in Japan, which excludes fresh food but includes fuel costs, rose 2.6% YoY in March 2024, slowing from a four-month high of 2.8% in February and coming in below forecasts of 2.7%. The deceleration came due to mild rises in food prices, but stayed above the Bank of Japan’s 2% target due to the yen’s weakness and high commodity prices. Japan’s core inflation print has now been at or above the Bank of Japan’s 2% target for 24 consecutive months now. The central bank shifted monetary policy in March, raising interest rates for the first time since 2007 and ending eight years of negative interest rates amid rising wages and high inflation. However, the BOJ is expected to remain accommodative for some time, with board member Asahi Noguchi saying that the pace of future policy adjustment is expected to be slow and cannot be compared to that of other major central banks in the recent tightening cycle.