Inflation in Japan

Japan Inflation (eop) | Economic News & Forecasts

Japan - Inflation (end of period)

Core inflation inches up to nearly two-year high in February

In February, the Japan's core consumer price index was flat from the previous month, coming in above January’s 0.2% drop. The print mainly reflected that lower prices for food and transportation and communication were offset by higher prices for most of the other categories, particularly clothing and footwear.



Core inflation rose from 0.1% in January to 0.2% in February. The print represented the highest reading since April 2015 and matched market analysts’ expectations. Overall inflation came in at 0.3% in February, below January’s 0.4%.

Core prices for Tokyo—available one month in advance of the national figures and thus a leading indicator for countrywide inflation—fell 0.4% in March from the same month last year (February: -0.3% year-on-year).

Although inflationary pressures are gradually resurfacing on the back of a weak yen and higher energy prices, in its March monetary policy notes, the Bank of Japan acknowledged that, “inflation expectations have remained in a weakening phase.” Therefore, the current monetary policy stance is expected to remain in place for the foreseeable future.


The Bank of Japan (BoJ) expects that core inflation will be between 0.8% 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 unchanged from last month’s estimate. In 2018, the panel sees inflation at 0.9%.

Japan - Inflation (eop) Data

2012  2013  2014  2015  2016  
Inflation Rate (CPI, annual variation in %, eop)-1.7  -0.3  -0.2  -0.2  1.7  

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Japan Inflation (eop) Chart


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

Japan Facts

ValueChangeDate
Bond Yield0.06-3.08 %Apr 06
Exchange Rate110.80.10 %Apr 06
Stock Market18,597-1.40 %Apr 06

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