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Inflation surge in Tokyo boosts BOJ rate hike expectations
Posted on July 1, 2024 |
Core inflation in Tokyo rose in June due to higher fuel costs and the impact of a weak yen on import prices, leading to expectations of a potential interest rate hike by the Bank of Japan (BOJ).
National factory output rebounded in May as automakers recovered from shipment issues, suggesting a moderate economic recovery.
Tokyo’s core consumer price index (CPI), which predicts nationwide trends, increased by 2.1% in June from the previous year, surpassing the 2.0% market forecast.
An index excluding fresh food and fuel costs, important to the BOJ for tracking overall price trends, rose by 1.8% in June, up from 1.7% in May.
Factory output grew by 2.8% in May from the previous month, exceeding the 2.0% market forecast, mainly due to a strong recovery in auto production.
Japan’s economy contracted by 1.8% annually in the first quarter as companies and households reduced spending, challenging the BOJ’s moderate recovery outlook.
Analysts expect economic growth to rebound in the current quarter, but the weak yen is affecting household sentiment by increasing fuel and food import costs.
In March, the BOJ ended eight years of negative interest rates and other aggressive monetary policies, believing it was close to achieving its 2% inflation target.