Japan's Tokyo core CPI in September rose 2% year-on-year, in line with the Central Bank's goal of continuing to raise interest rates

Jinshi data on September 27th showed that the year-on-year core CPI in Tokyo, Japan rose 2.0%, in line with the Central Bank’s target, indicating that the Japanese economy is making progress in meeting the criteria for further interest rate hikes. Compared with the 2.4% increase in August, the core CPI increase has slowed, mainly due to the government’s resumption of subsidies for public utility expenses. Another indicator closely followed by the Japanese Central Bank, which excludes the impact of fresh food and fuel costs, rose 1.6% year-on-year in September. The Bank of Japan ended its negative interest rate in March and raised its short-term policy interest rate to 0.25% in July. Governor Haruhiko Kuroda said that if the inflation rate continues to stabilize as scheduled and reach the 2% target, the Bank of Japan will continue to raise interest rates.