2023 Japan's consumer inflation increased by 2.8%, marking the third consecutive year of price growth.
Japan's consumer inflation, driven by higher food prices, increased by 2.8% in fiscal 2023, marking the third consecutive year of price growth. A survey by leading inflation expert Tsutomu Watanabe showed that Japanese consumers' tolerance of price changes is higher than in some major economies, signaling acceptance of inflation for the first time in decades. This development supports the Bank of Japan's moves to normalize policy and raise interest rates further.
April 21, 2024
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