Japan Tokyo Core CPI

The core consumer price index for the Ku-area of Tokyo in Japan rose 1.8% year-on-year in October 2024, slowing for the second straight month to the lowest level since April. The latest figure also followed a reading of 2% in September and came in slightly above forecasts of 1.7%. Tokyo’s inflation reading is widely considered as a leading indicator of nationwide price trends, with national-level CPI data following in about three weeks. Easing inflation in Japan and political uncertainty clouds the outlook for further interest rate hikes from the Bank of Japan. BOJ board member Seiji Adachi also recently emphasized that the central bank must raise rates at a “very moderate” pace, warning that the central bank must avoid a drastic change in policy given uncertainties over the global economic outlook and domestic wage growth.