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Japan’s consumer price inflation remained largely steady in November, reinforcing expectations that the Bank of Japan (BOJ) will proceed with a long-anticipated interest rate hike as it seeks to control persistent price pressures and support the yen. Government data released on Friday showed that headline consumer price index (CPI) inflation eased slightly to 2.9% year-on-year, down from 3% in October, but stayed well above the central bank’s 2% annual target.
Core CPI inflation, which excludes volatile fresh food prices and is closely watched by policymakers, held steady at 3%, in line with market expectations. Meanwhile, a narrower measure of underlying inflation that strips out both fresh food and energy prices edged down marginally to 3% from 3.1%. Despite this slight cooling, the figure remains significantly above the BOJ’s inflation goal, highlighting ongoing price stickiness in the Japanese economy.
The inflation data was published just hours before the conclusion of a BOJ policy meeting, where markets widely expect a 25 basis point interest rate hike. Analysts argue that persistent underlying inflation, particularly driven by food prices, gives policymakers sufficient justification to tighten monetary policy further. Food costs have been a major contributor to Japan inflation in 2024, fueled by rice supply shortages and higher import prices linked to a weak yen and global commodity pressures.
Capital Economics said the latest CPI figures effectively clear the path for the BOJ to raise rates. The firm expects inflation excluding fresh food and energy to remain above the BOJ’s target for the foreseeable future and potentially exceed the central bank’s own forecasts for the current and next fiscal years.
However, views remain divided on how far BOJ interest rates will ultimately rise. While Capital Economics projects rates could climb to 1.75% by 2027, broader market consensus suggests the central bank may slow or pause its tightening cycle after one additional 25 basis point hike in 2026. This caution reflects concerns over Japan’s sluggish economic growth and a relatively loose fiscal stance under Prime Minister Sanae Takaichi.
Overall, November’s CPI data underscores the challenge facing the BOJ as it balances sticky inflation, a fragile economy, and currency weakness in shaping its monetary policy outlook.
