The pace of Japanese inflation slowed in April as gas bills fell, government data showed today, raising questions about when the Bank of Japan will hike interest rates again.
Japan 's Consumer Price Index excluding volatile fresh food prices came in at 2.2%, compared with the 2.6% logged in March by the internal affairs ministry.
"But the core gauge is still above the Bank of Japan's 2% target - and the latest data is unlikely to deter the central bank from normalising policy," he said. It is targeting sustainable demand-driven inflation of 2%, as opposed to inflation caused by unstable, temporary factors such as the war in Ukraine.
"An expected rise in utility fees will also lift the inflation data in coming months, providing good optics for Bank of Japan rate hikes" in July and October, he added. "But wage data has been wobbly," which"complicates the outlook for the Bank of Japan as it looks to raise interest rates" further, she cautioned.
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