Japan’s core inflation rate accelerates in June but stays above BOJ’s target

The core inflation print has challenged the Bank of Japan’s commitment to ultra-easy monetary policy.

Food prices in Japan rose by 8.4% from a year earlier in June 2023, after an 8.6% gain in the prior month which was the steepest increase since September 1976. This was the 22nd straight month of food inflation due to a rapid decline in the yen.