Inflation in Japan

Japan Inflation | Economic News & Forecasts

Japan - Inflation

Core inflation rises to two-year high in April

In April, the core consumer price index in Japan was flat from the previous month in seasonally-adjusted terms, matching the result in the previous two months. April’s reading reflected that higher prices for goods were offset by a decline in prices for semi-durable goods.

Core inflation rose from March’s 0.2% to 0.3% in April. The print undershot the 0.4% that market analysts had expected and represented the highest rate since April 2015. Overall inflation came in at 0.4% in April, above March’s 0.2%.

Core prices for Tokyo—available one month in advance of the national figures and thus a leading indicator for countrywide inflation—rose 0.1% in May from the same month last year (April: -0.1% 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 0.8% and 1.9%. FocusEconomics Consensus Forecast panelists expect inflation of 0.7% in calendar year 2017, which is unchanged from last month’s estimate. In 2018, the panel sees inflation at Error! Not a valid link.%.

Japan - Inflation Data

2011  2012  2013  2014  2015  
Inflation Rate (CPI, annual variation in %)-0.3  -0.1  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 Yield0.054.26 %May 24
Exchange Rate111.5-0.25 %May 24
Stock Market19,7430.66 %May 24

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