Japan’s inflation hits 3.6% YoY in March to exceed the BOJ’s estimates for three straight years
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Japan’s inflation grew 3.6% year-on-year in March, which was lower than the 3.7% seen in February and the 2% target projected by the BOJ. However, the Ministry of Internal Affairs and Communications disclosed that Japan’s consumer price index (core CPI, excl. fresh food) rose to 3.2% YoY in March, up from February’s 3%. Japan’s core inflation accelerated in March due to persistent rises in food costs, complicating the central bank’s task of balancing mounting price pressures against economic risks from higher U.S. tariffs. The country’s “core-core” inflation rate—which excludes the prices of both fresh food and energy—also increased by 0.3% (30 bps) to 2.9% in March, up from 2.6% in February. The data release coincided with ongoing trade negotiations between Japan and the U.S., as President Donald Trump announced “big progress.” Japan faces significant 25% tariffs on auto imports from April 3 and another 25% on steel and aluminum starting March 12. Trump temporarily suspended his planned 24% “reciprocal” tariffs on Japan for 90 days, maintaining a base 10% tariff. Japan inflation rate surges by at least 10 basis points MoM Japanese March CPI inflation fell to 3.6%yoy from 3.7%. Core (ex food and energy) rose from 1.5%yoy to a still low, but better than it used to be, 1.6%yoy.(Goldman Sachs chart) pic.twitter.com/TZzTvmVfdH — Shane Oliver (@ShaneOliverAMP) April 18, 2025 In March, Japan’s Nikkei 225 rose 1.03% to close at 34,730.28 after the country’s inflation grew 3.6% year on year, marking three straight years that the headline inflation rate was above the Bank of Japan’s 2% target and four consecutive months above 3%. The inflation rate was, however, lower than the 3.7% seen in February, a drop of 0.1% (10 bps). The data released by the Ministry of Internal Affairs and Communications came ahead of the BOJ’s policy meeting on…
Filed under: News - @ April 18, 2025 11:22 am