Inflation in Japan

Japan Inflation (eop) | Economic News & Forecasts

Japan - Inflation (end of period)

Core inflation falls to a nearly two-year low in August

The core consumer price index rose 0.1% in month-on-month seasonally-adjusted terms in August, matching July’s result.

Core inflation declined from 0.6% in July to 0.5% in August. Although the reading was in line with market analysts’ expectations, it represented the lowest print since August 2017. Therefore, inflation remained well below the Bank of Japan’s inflation target of 2.0%. Meanwhile, overall inflation dropped from July’s 0.5% to 0.3% in August.

Core inflation in the Ku-area of Tokyo—available one month in advance of the national figures and thus a leading indicator for countrywide inflation—fell from 0.7% in August to 0.5% in September.

The median inflation forecast among BoJ members is 1.0% for FY 2019 and 1.3% for FY 2020, including the effects of the consumption tax hike. FocusEconomics Consensus Forecast panelists expect inflation of 0.8% in calendar year 2019, which is unchanged from last month’s estimate. In 2020, the panel sees inflation at 1.1%.

Japan - Inflation (eop) Data

2013  2014  2015  2016  2017  
Inflation Rate (CPI, annual variation in %, eop)1.7  2.4  0.1  0.3  1.1  

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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 Yield-0.28-4.41 %Sep 04
Exchange Rate106.4-0.35 %Sep 04
Stock Market20,6490.40 %Sep 04

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