Japan’s core inflation rate rose to a new 41-year high of 4 per cent in December, adding to mounting market pressure on the Bank of Japan to abandon its yield curve control policy which has helped maintain ultra-low interest rates.
Official statistics released on Friday showed core inflation, which excludes volatile food prices but includes oil, reached its fastest pace since December 1981, exceeding the Bank of Japan’s 2 per cent inflation target for the ninth consecutive month.
While price rises in Japan remain mild compared with those in the US and Europe, inflation in Asia’s most advanced economy has gained pace due to a weaker yen and heavy exposure to the increasing cost of imported commodities.
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