Mount Fuji, Japan

Japan TONAR (%, eop)

Inflation rose to 4.3% in January, the highest value since 1981 (December: 4.0%). Meanwhile, core inflation rose to 4.2% (December: 4.0%). Our panelists see inflation falling below the BoJ’s 2.0% target in Q3 2023, given that the recent spike in inflation is largely due to cost-push factors. That said, the ongoing shunto wage negotiations pose an upside risk.

Japan TONAR (%, eop) Data

2017 2018 2019 2020 2021
TONAR (%, eop) -0.06 -0.06 -0.07 -0.03 -0.02

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