Japan’s core consumer prices in May rose 3.2 percent from a year earlier, slowing from the previous month but staying above the central bank’s 2 percent target for the 14th straight month. | Reuters
An index that strips away the effects of both fresh food and fuel – closely watched by the BOJ as a key barometer of domestic demand-driven price trends – rose 4.3 percent in May from a year earlier. The rise, which followed a 4.1-percent gain in April, was the biggest year-on-year increase since June 1981, the data showed.
With inflation having stayed above its target for a year, markets are simmering with speculation the BOJ will soon start to phase out its stimulus, which critics say is distorting markets and hurting financial institutions’ profits. BOJ Governor Kazuo Ueda has stressed the central bank’s readiness to keep ultra-loose policy until inflation is sustainably around 2 percent and accompanied by wage hikes.Ueda has also said core consumer inflation will slow back below 2 percent toward the middle of this fiscal year, though sustained price rises have put that view into some doubt.
The data heightens the chance the BOJ will revise up its inflation forecasts at its next quarterly review in July. In its last projections made in April, the central bank expected core consumer inflation to hit 1.8 percent in the current fiscal year ending in March 2024. That is much lower than a 2.6-percent increase projected in a Reuters poll taken in May.Your subscription has been successful.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
At least 41 dead following reported riot in women’s prison in HondurasTEGUCIGALPA -- At least 41 people have died in a Honduran women&039;s prison, a spokesperson from the public prosecutors&039; office said on Tuesday after an apparent prison
Read more »
Wall Street extends sell-off as Powell hints at further rate hikesU.S. stocks closed lower on Wednesday as Federal Reserve Chairman Jerome Powell’s congressional testimony reinforced the central bank’s objective to rein in inflation as he hinted at the likelihood of further interest rate hikes. | Reuters
Read more »
Pharrell Williams fuses entertainment, fashion for Louis Vuitton menswear debutUnveiling a new chapter in its illustrious history, Louis Vuitton made an indelible mark on Paris Fashion Week’s men’s shows as they premiered the debut collection by musician-turned-designer Pharrell Williams. | AP
Read more »
Titanic sub: Victims’ families can still sue despite liability waiversLiability waivers signed by passengers on a submersible lost at sea during a dive into the Titanic wreck may not shield the vessel’s owner from potential lawsuits by the victims’ families, legal experts said. | Reuters
Read more »
NBA Draft: Wembanyama listed at 7-foot-4, but check back later in SeptemberNEW YORK — The tall task of determining Victor Wembanyama’s height isn’t finished yet. The expected No. 1 pick in the NBA draft might be 7-foot-4. Maybe not, though. While the league is listing him at that he... CDNDigital
Read more »
Gary Valenciano, with ‘Father’s Day hangover,’ reminisces recording with daughter KianaIt’s past Father’s Day, but Gary Valenciano is extending his celebration as he reminisce a recording that he made with his own daughter, Kiana when she was just three years old. | DCalanogINQ
Read more »