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Tokyo’s consumer price inflation eased more than expected in June, raising doubts over whether the Bank of Japan (BOJ) will proceed with further interest rate hikes. According to government data released Friday, Tokyo’s core Consumer Price Index (CPI), which excludes fresh food prices, rose 3.1% year-on-year—below forecasts of 3.3% and down from May’s 3.6% increase.
A more refined measure, which excludes both fresh food and energy, also slowed to 3.1% in June from 3.3% previously. This gauge is closely tracked by the BOJ as a key indicator of underlying inflation. Headline CPI also slipped to 3.1% in June from 3.3% in May.
Tokyo’s inflation figures are typically a bellwether for national CPI trends, and the June data suggests a broader cooling in Japanese inflation after peaking earlier this year. In May, national CPI had hit its highest level in over two years.
Stronger-than-expected CPI prints earlier in the year had fueled speculation that the BOJ was nearing another rate hike. However, BOJ officials pushed back on those expectations, citing persistent uncertainty surrounding domestic economic conditions and the global impact of U.S. trade tariffs.
The central bank also revised down its inflation and growth forecasts, signaling a cautious stance amid external pressures. Friday’s data hinted that personal consumption—a major driver of inflation—may be losing steam, even as the effects of earlier wage increases filter through the economy.
The softer inflation figures now place the BOJ in a more constrained position, potentially delaying further monetary tightening. Investors and policymakers will be watching national CPI figures closely for confirmation of the downtrend.
