Still, the 2.1% rise in the core consumer price index announced on Friday reinforces market scepticism that the Bank of Japan will maintain its ultra-loose monetary policy, especially since households are suffering rising costs without substantial wage growth.
But analysts said that finally beating the target now was no great cause for celebration, because costs of foreign energy and other commodities had driven the upward shift. The BOJ set its 2% inflation target in 2013, during the first year of the tenure of its current governor, Haruhiko Kuroda. He has repeatedly said the central bank will be in no hurry to end its stimulus efforts, because any cost-push rise in inflation would be temporary.
The April inflation rate announced by the government matched the median forecast in a Reuters poll. It was much stronger than the 0.8% annual rise seen March, but that earlier figure was more strongly affected by a big drop in mobile phone fees that is fading out of the calculation.
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