Japanese inflation rose again in May, Japanese government data showed yesterday, but it remains way off the central bank’s target, while weak household spending underlined the challenges still facing a battle to ramp up prices.
The nation’s prospects have been improving on the back of strong exports, with investments linked to the Tokyo 2020 Olympics also giving the economy a shot in the arm.
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However, consumer spending remains tepid and the Bank of Japan has struggled to lift inflation, despite years of aggressive monetary easing.
After stripping out the volatile cost of fresh food, inflation in May came in at 0.4 percent, the fifth consecutive monthly rise, Japanese Ministry of Internal Affairs data showed.
However, the figures fall well short of the central bank’s 2 percent inflation target.
Separate data showed household spending edged down 0.1 percent in May from a year earlier, extending more than a year of declines.
WARNING
“The decline in consumer spending narrowed, but that doesn’t mean a strong recovery is around the corner,” Japan Research Institute economist Yusuke Shimoda said.
Other economic indicators also underwhelmed.
Factory output in May dropped 3.3 percent, reversing a 4 percent jump in April, while May’s unemployment rate rose to 3.1 percent from 2.8 percent the previous month.
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