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A shopper looks at products at a shop in Tokyo, Japan, January 10, 2023. /CFP
Core consumer prices in Japan's capital, a leading indicator of nationwide trends, rose 4.3 percent in January from a year earlier, marking the fastest annual gain in nearly 42 years and keeping the central bank under pressure to phase out economic stimulus.
The rise in the Tokyo core consumer price index (CPI), which excludes fresh food but includes fuel, marked the fastest year-on-year increase since May 1981.
It followed a 3.9 percent rise in December and stayed above the central bank's 2 percent target for an eighth straight month, data showed on Friday.
The yen and the yield on the 10-year Japanese government bond rose after the data release, reflecting market expectations that rising inflation could prod the Bank of Japan to soon dial back stimulus.
"These readings point squarely at a further, large increase in inflation at the national level this month," said Darren Tay, Japan economist at Capital Economics.
"But we expect that to have been the peak. Government measures to lower energy bills will kick in next month and bring inflation down by about 1 percent point," he said.
(Source: Reuters with edits)
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Disinformation report hotline: 010-85061466