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Japan’s inflation hits a 7.5 year high – but will the BOJ act?
Inflation continues to rise in Japan, albeit at a much slower pace than its peers. But we don’t expect a rate hike any time soon. Overall inflation in Japan rose 2.6% y/y, which is its highest rate in nearly eight years. That makes it the fourth consecutive month that their key inflation rate is above the BOJ’s 2% target. Excluding fresh food, consumer prices rose 2.4% y/y (up from 2.2%) which puts it at its fastest pace since 2008 if we look past the inflationary presures of the 2015 and 2017 tax hikes. Earlier this week we also learned that Q2 GDP expanded by 0.5%, and Q1’s contraction was upwardly revised to ... (full story)
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