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Inflation in Japan unchanged at 1% in October

Inflation in Japan stood at one percent in October, unchanged from the previous month, according to government data published Thursday, as the world's third-largest economy continues its years-long struggle with deflation.
October's price rise was in line with market consensus, but still only halfway to the Bank of Japan's two-percent target.
With fresh food and energy stripped out, prices rose by even less -- just 0.4 percent year-on-year in October, the internal affairs ministry said. This was also unchanged from September.
Japan has battled deflation for many years and the central bank's ultra-loose monetary policy appears to have had limited impact.
Late last month, the Bank of Japan again revised down inflation forecasts, in the latest sign it had failed to make headway towards its two-percent target despite years of massive monetary easing.
The central bank slightly lowered the inflation forecast for the fiscal year ending March 2019 to 0.9 percent from 1.1 percent.
But BOJ Gov Haruhiko Kuroda insisted "I don't think the big picture on inflation has largely changed".
Kuroda also said the bank was keeping close watch over a number of global issues, adding that a drawn-out trade war between China and the US could affect the economy.


2018 AFP
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