Japan Core Inflation Rate

The core consumer price index in Japan, which excludes fresh food but includes fuel costs, rose 3.4% in April 2023 from a year ago, accelerating from 3.1% in March and marching market forecasts. The core inflation print also exceeded the central bank’s 2% target for the thirteenth straight month, challenging the Bank of Japan's view inflation will slow back below its target later this year as cost pressures dissipate. The BOJ maintained its ultra-easy monetary policy and made no adjustments to its yield curve control at the April meeting, BOJ Governor Kazuo Ueda has repeatedly stressed the need to keep current policy settings until there is more evidence that the rise in inflation has become more sustainable and driven by a strong demand rather than supply pressures.