Japan's core inflation rate reached a seven-month high in November, prompting speculation that the Bank of Japan (BOJ) may increase interest rates in early 2024. The core-core inflation rate, which excludes fresh food and energy prices, surged to 2.4%, its highest level since April. The BOJ held interest rates steady at 0.25% for now but acknowledged the upward pressure on inflation. While Governor Kazuo Ueda indicated a cautious approach, some analysts predict a rate hike as early as January.
The"core-core" inflation rate — which strips out prices of fresh food and energy — rose to 2.4% in November from 2.3% in October, its highest level since April.
An inflation gauge in Japan that is closely watched by the Bank of Japan came in at a seven-month high in November, which could prompt the central bank to raise rates early next year.The so-called"core-core" inflation rate, which strips out prices of both fresh food and energy and is tracked by the BOJ,
The BOJ said in its statement on Thursday that the decision to hold was a split 8-1 decision, with board member Naoki Tamura advocating for a 25-basis-point hike.Tamura was of the view that inflation risks had become more skewed to the upside, and proposed that the bank hike interest rates during the meeting.
Ueda did add, however, that the central bank was mindful that if it waited too long to raise rates, it would have to quicken rate hikes in future meetings,
Inflation Japan Bank Of Japan Interest Rates Economy
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Japan CPI rises more than expected in Oct, core inflation above BOJ targetJapan CPI rises more than expected in Oct, core inflation above BOJ target
Read more »
Japan business sentiment improves slightly, BOJ tankan showsJapan business sentiment improves slightly, BOJ tankan shows
Read more »
Japan's Inflation Surges, Fueling Speculation of BOJ Rate HikeJapan's core inflation rate reached a seven-month high in November, sparking speculation that the Bank of Japan (BOJ) may raise interest rates early next year.
Read more »
Japan’s Akazawa: BoJ will conduct monetary policy appropriatelyJapan economy minister, Ryosei Akazawa, on Tuesday reiterated that the Bank of Japan (BoJ) and the government will work together to conduct appropriate monetary policy.
Read more »
EUR/JPY Rises as BoJ Rate Hold Expected, Japan Trade Deficit NarrowsThe EUR/JPY currency pair strengthens on expectations that the Bank of Japan will maintain its current interest rate policy. Simultaneously, Japan reports a significant narrowing of its trade deficit for November, fueled by robust export growth.
Read more »
Japan’s National CPI rises 2.3% YoY in October, Core CPI rises more than expectedJapan’s National Consumer Price Index (CPI) rose 2.3% YoY in October, compared to the previous reading of 2.5%, according to the latest data released by the Japan Statistics Bureau on Friday, Further details unveil that the National CPI ex Fresh food arrived at 2.3% YoY in October versus 2.4% prior.
Read more »