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Japan’s consumer inflation remained elevated in February, fueling expectations that the Bank of Japan (BOJ) will continue tightening monetary policy in 2024.
Government data released Friday showed the national Consumer Price Index (CPI) rose 3.7% year-on-year in February, slightly below January’s 4.0% but still above market forecasts. Core CPI, which excludes volatile fresh food prices, increased 3.0%—above the anticipated 2.9% but easing from January’s 3.2%.
A key inflation gauge closely monitored by the BOJ, which strips out both fresh food and energy prices, rose 2.6% in February from 2.5% in January. This reading remained well above the central bank’s 2% inflation target, underscoring persistent underlying price pressures.
The data highlights how inflation in Japan remains sticky, driven by higher living costs and expectations of strong wage growth. The BOJ, which left interest rates unchanged earlier this week, signaled growing concerns over inflationary persistence. Analysts now expect a potential rate hike as early as May, with forecasts projecting rates could reach 1% by the end of 2025, up from the current 0.5%.
Annual spring wage negotiations between major Japanese firms and labor unions are also expected to result in another round of substantial pay hikes. Robust wage growth is likely to support private consumption and further entrench inflation expectations, giving the BOJ more reason to raise rates.
Sticky inflation and rising wages signal a shift in Japan’s economic landscape, increasing the likelihood of a gradual policy normalization by the BOJ this year. Investors and policymakers will closely watch upcoming inflation and wage data for cues on the central bank’s next move.
