Core inflation in Japan's capital perks up, yen jumps on rate hike bets
TOKYO -Core consumer inflation in Japan's capital accelerated in November and stayed above the central bank's 2% target, data showed on Friday, as price pressures broadened, keeping alive market expectations for a near-term interest rate hike.
Another index that strips away both fresh food and fuel costs, which is closely watched by the BOJ as a better gauge of demand-driven inflation, rose 1.9% in November from a year earlier after a 1.8% increase in October. But service-sector prices also rose 0.9% in November from a year earlier after a 0.8% gain in October, underscoring the BOJ's view that sustained wage gains are prodding firms to charge more for services.
The BOJ ended negative interest rates in March and raised its short-term policy rate to 0.25% in July on the view Japan was making steady progress towards durably achieving its 2% inflation target. External risks, however, may delay the BOJ's rate hike timing as threats of higher tariffs by U.S. president-elect Donald Trump cloud the outlook for the export-reliant economy.
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