Inflation in Japan

Japan Inflation | Economic News & Forecasts

Japan - Inflation

Core inflation returns to Japan in January

In January, the core consumer price index decreased 0.2% compared to the previous month, coming in below December’s flat reading. The print mainly reflected lower prices for clothing and footwear, as well as recreational goods and services.

Core inflation hit 0.1% in January from the same month a year earlier, which followed December’s 0.2% drop and was the first positive reading in nearly two years. The upswing came in ahead of market analysts’ expectations of a flat reading. Overall inflation came in at 0.4% in January, above December’s 0.3%.

Core prices for Tokyo—available one month in advance of the national figures and thus a leading indicator for countrywide inflation—fell 0.3% in February from the same month last year (January: -0.3% year-on-year).

The Bank of Japan (BoJ) expects that core inflation will be between 0.6% and 1.6% in the fiscal year ending March 2018. In the following fiscal year, the BoJ sees inflation between 0.9% and 1.9%. FocusEconomics Consensus Forecast panelists expect inflation of 0.7% in calendar year 2017, which is up 0.1 percentage points from last month’s estimate. In 2018, the panel sees inflation at 0.9%.

Japan - Inflation Data

2011  2012  2013  2014  2015  
Inflation Rate (CPI, annual variation in %)-0.3  0.0  0.4  2.8  0.8  

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Japan Inflation Chart


Japan Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: Statistics Bureau of Japan and FocusEconomics calculations.

Japan Facts

ValueChangeDate
Bond Yield0.06-7.81 %Mar 27
Exchange Rate110.7-0.62 %Mar 27
Stock Market18,986-1.44 %Mar 27

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