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Tokyo consumer inflation accelerated sharply in September, with core prices rising more than economists expected and strengthening expectations that the Bank of Japan (BOJ) could continue raising interest rates as persistent price pressures remain above its target.
Tokyo’s core consumer price index (CPI), which excludes volatile fresh food prices, increased 2.7% year-on-year in September. That marked a significant acceleration from the 1.8% increase recorded in August and exceeded economists’ median forecast for a 2.4% rise.
The stronger-than-expected Tokyo inflation data is closely watched by investors because price trends in the capital are considered a leading indicator of nationwide Japanese inflation.
The broader Tokyo CPI also climbed 2.7% from a year earlier, accelerating from 1.9% in August. Meanwhile, the inflation index excluding both food and energy increased 0.4% month-on-month, slowing from a 0.7% gain in the previous month.
The latest figures indicate that underlying inflationary pressures in Japan remain persistent and continue to exceed the BOJ’s 2% inflation target, potentially supporting the case for additional monetary policy tightening.
The inflation report comes after the Bank of Japan raised its policy interest rate to 1.25% in September, its highest level in more than three decades. The central bank also signaled that further rate increases could be considered if inflation risks remain elevated and economic conditions develop in line with its forecasts.
Recent BOJ policy discussions have highlighted differing views among policymakers over how quickly interest rates should rise. Some officials have supported faster rate hikes to prevent inflation from moving too far above the central bank’s 2% target, while others have called for a more cautious approach because higher borrowing costs could weigh on household consumption and economic growth.
With Tokyo inflation accelerating beyond forecasts, investors are likely to remain focused on upcoming Japanese economic data and BOJ communications for clues about the timing and pace of further interest rate hikes.
