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Tokyo Core Inflation Accelerates to 2.7% in September, a 10-Month High; Markets Bet on December BoJ Hike
Tokyo's September core CPI rose 2.7% year on year, a 10-month high, fueling market bets on a December BoJ rate hike; the Nikkei fell nearly 1%.
Why it matters
Tokyo core inflation accelerated to 2.7% in September, a 10-month high and its first reading above the Bank of Japan's 2% target since January. Markets are now betting on a December rate hike, with the next BoJ policy meeting scheduled for October 29–30.
Full report
Japan's Ministry of Internal Affairs and Communications released September data on Friday: Tokyo core CPI (excluding fresh food, including fuel) rose 2.7% year on year, up from 1.8% in August and above the 2.4% market forecast, according to Reuters. It is the fastest pace in 10 months.
The index excluding fresh food and fuel — a measure of trend inflation closely watched by the central bank — rose 3.0% year on year, a 13-month high.
Analysts surveyed by Reuters expect the Bank of Japan to raise rates in December. The Nikkei 225 fell about 0.9% on October 2, closing midday down 630 points at 68,326.72, weighed down by rising oil prices and inflation concerns.
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