Tokyo CPI inflation slides below 2% in April as BOJ meeting approaches

Investing.com-- Consumer price index inflation in Tokyo grew substantially less than expected in April, sinking below the Bank of Japan’s annual target and somewhat complicating expectations for a more hawkish stance from the central bank.rose 1.8% year-on-year in April, government data showed on Friday. The reading was much weaker than expectations that it would remain steady at the 2.6% seen in the prior month., which excludes volatile fresh food prices, rose 1.

Friday’s reading showed that a rebound in Japanese inflation seen over the past two months had appeared to be largely temporary, and that consumer spending remained weak in the country. Tokyo inflation usually acts as a bellwether for broader inflation in the country, given that the Greater Tokyo area is a major driver of the Japanese economy., where the central bank is widely expected to keep interest rates steady after raising them for the first time in 17 years in March.

Governor Kazuo Ueda is expected to offer a stronger outlook on Japanese inflation for 2024. Ueda was also expected to offer some hawkish signals to boost a batteredBut stickier inflation could still be on the cards for Japan, especially with consumer spending set to ramp up on the back of bumper wage hikes this year. Higher wages were also a key consideration for the BOJ to begin tightening its ultra-loose policy.

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