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Bank of Japan says inflation hit 2 percent target after 13 years TOKYO The Bank of Japan said on Oct. 30 inflation had hit its 2 percent target, more than 13 years after it …

Bank of Japan says inflation hit 2 percent target after 13 years TOKYO The Bank of Japan said on Oct. 30 inflation had hit its 2 percent target, more than 13 years after it adopted the goal in a bid to pull the economy out of deflation. For decades successive governments struggled to pull the country out of a spiral of deflation, sustained falls in prices that are harmful for economic growth, and the 2 percent goal was set in 2013 as the BoJ launched massive monetary easing measures. Although core consumer inflation at times topped the level in the early 2020s, Oct. 30 marked the first time that the BoJ confirmed the long-term price trend had been achieved. "Underlying CPI inflation is at a level that is generally consistent with the price stability target of two percent, and is expected to remain at around that level," the central bank said on its website. The BoJ also said in a statement that it had kept its key interest rate unchanged at 1.25 percent after an eight-to-one majority vote. That decision came after the U.S. Federal Reserve and the European Central Bank kept their policy rates unchanged earlier in the week. However Japanese officials are expected to hike in December as inflationary pressure builds. Japan's core inflation in September stood at 2.1 percent, sharply up from 1.7 percent in August, according to data released by the government last week.

The Bank of Japan declared its long-standing 2% inflation target achieved after more than 13 years, but kept its benchmark interest rate unchanged at 1.25%. Persistent inflation, rising oil and semiconductor prices, and yen …

The Bank of Japan declared its long-standing 2% inflation target achieved after more than 13 years, but kept its benchmark interest rate unchanged at 1.25%. Persistent inflation, rising oil and semiconductor prices, and yen weakness have fuelled expectations … The Bank of Japan (BoJ) on Friday said Japan had finally achieved its long-standing inflation target of 2%, more than 13 years after the central bank adopted the goal to pull the economy out of decad…

Oct 30 : The Bank of Japan kept interest rates steady on Friday, but declared victory in a nearly 14-year battle to hit its price target and signalled vigilance against inflation risks, suggesting the …

Oct 30 : The Bank of Japan kept interest rates steady on Friday, but declared victory in a nearly 14-year battle to hit its price target and signalled vigilance against inflation risks, suggesting the next rate hike could be as soon as December. With underlying inflation roughly hitting the BOJ's 2 per cent target, the central bank must focus on anchoring it around that level, it said, stressing anew that its policy has entered a new, more hawkish phase open to raising rates once every few months. Following are excerpts from Governor Kazuo Ueda's comments at his post-meeting news conference, which was conducted in Japanese, as translated by Reuters: ON KEEPING RATES STEADY: "We saw the need to scrutinise a bit more economic and price risks, as well as financial conditions. But underlying inflation has reached levels consistent with our price target. Financial conditions remain accommodative. There are various upside risks. We must therefore be vigilant to the risk of inflation overshooting our target." UNDERLYING INFLATION: "We will look at various indicators but more importantly, what kind of mechanism is behind price moves. We will focus particularly on whether medium- and long-term inflation expectations are anchored around our target." SUSTAINABLY ACHIEVING PRICE TARGET: "Our goal is to sustainably and stably achieve our price target. In that sense, we haven't reached our goal yet. It's important to anchor underlying inflation around our target. That doesn't mean we will just sit and wait. We will adjust monetary policy as appropriate so that underlying inflation becomes anchored around 2 per cent." UPSIDE RISKS: "There are still upside price risks we cannot ignore. But I won't say the risks have increased sharply from, say, one month ago." "It's true Japan's inflation expectations have yet to be anchored around our target. By taking appropriate monetary policy adjustments, we can make progress in achieving this particularly given upside price risks." LIKELIHOOD OF BASELINE SCENARIO: "We will look at the likelihood of our baseline scenario being achieved, as well as risks, at each policy meeting including at our next meeting." CUMULATIVE IMPACT OF RATE HIKES: "When our policy rate reaches levels deemed neutral to the economy, we can respond to both upside and downside risks. It's hard to judge when we can judge it as such. Among factors we will look at is the cumulative impact of our past interest rate hikes. That's why we must scrutinise financial conditions." PRICE PRESSURE BROADENING TO CONSUMERS: "Looking at various data, most of them were showing underlying inflation converging around 2 per cent ... We've already seen clear signs that rising energy and raw material costs from the Middle East conflict were pushing up business-to-business prices. Looking at September and October data, the upward pressure is now broadening to consumer price data. Such factors work to push up underlying inflation." ON FUTURE PACE OF RATE HIKES: "On the one hand, we will look at how big the risk of underlying inflation overshooting could be. On the other hand, we need to look at how accommodative financial conditions are. We must look comprehensively at such factors. The pace (of future rate hikes) will depend much on upcoming data. We can't decide in advance how many months we will spend each time before raising rates." UNDESIRABLE FOR INFLATION TO RISE SIGNIFICANTLY: "In the past, we could afford to allow underlying inflation to rise. With underlying inflation having reached 2 per cent, it's undesirable for inflation to rise significantly. That's why we must respond appropriately to upside price risks." ON FINANCIAL CONDITIONS: "We would like to adjust our policy rate as appropriate and bring financial conditions closer to neutral ... We need to cautiously look at financial conditions as what we see now may not necessarily fully reflect the cumulative impact of past rate moves." ON ACTING PRE-EMPTIVELY AND QUICKLY: "We're not there yet. We still need to work towards narrowing the gap between our policy rate and the neutral rate, and adjust the degree of monetary accommodation." ON WAGE NEGOTIATIONS "For underlying inflation to become anchored at 2 per cent, we need to see wage negotiations between firms and unions conducted on the assumption that inflation will move around 2 per cent. This year's consumer inflation may average 2 per cent or could be somewhat lower, so we need to see how this could affect next year's wage talks."

The Bank of Japan announced on October 30th that underlying inflation has effectively reached its 2% target for the first time since the goal was introduced in 2013, marking a major milestone in the …

The Bank of Japan announced on October 30th that underlying inflation has effectively reached its 2% target for the first time since the goal was introduced in 2013, marking a major milestone in the country's efforts to achieve sustained price growth, while keeping its benchmark interest rate unchanged at 1.25% as policymakers assess the impact of last month's rate increase. The central bank said in its latest Outlook Report, which provides updated forecasts for economic activity and prices, that the underlying rate of inflation, which excludes temporary factors affecting consumer prices, had reached a level "broadly consistent with the 2% price stability target." The assessment represents the first time since the BOJ adopted its 2% inflation target in 2013 that the central bank has formally recognized underlying price growth as effectively reaching that level. Unlike headline inflation, which can fluctuate because of temporary increases in food and energy prices, underlying inflation is intended to reflect more persistent price trends across the economy. At its monetary policy meeting, the BOJ decided by a majority vote to maintain its short-term policy interest rate at 1.25%, following an increase at its previous meeting in September, when it raised borrowing costs for the first time in three months. The decision to leave rates unchanged was intended to give policymakers more time to evaluate the economic and financial effects of the latest increase before considering additional monetary tightening. However, board member Hajime Takata proposed raising the policy rate to 1.5%, arguing that underlying inflation had already reached the central bank's price stability target and that monetary policy had entered "a new phase" requiring a faster pace of interest rate increases. Takata's proposal was rejected by a majority of the policy board, highlighting differences among members over how quickly the central bank should proceed with further tightening. The BOJ also decided to accelerate the sale of exchange-traded funds, or ETFs, accumulated during years of monetary easing, significantly increasing the pace at which it will reduce its holdings. Under the new plan, annual ETF sales will rise from approximately 330 billion yen to 860 billion yen in book value terms, more than doubling the previous pace. The faster disposal schedule is expected to reduce the time required to sell the central bank's ETF holdings from approximately 112 years to 43 years, representing a substantial acceleration in the gradual unwinding of assets purchased under earlier monetary stimulus programs. The ETF sales are part of the BOJ's broader effort to normalize monetary policy after more than a decade of extraordinary measures designed to combat deflation and encourage economic growth. With underlying inflation now considered broadly consistent with its long-standing target, the central bank is expected to continue raising interest rates to prevent excessive price increases and maintain inflation at a sustainable level of around 2%. Attention is now turning to BOJ Governor Kazuo Ueda's afternoon news conference on October 30th, where investors and economists will closely examine his comments for indications of how quickly further interest rate increases may follow. Ueda's assessment of inflation risks and the effects of previous tightening will be particularly important as the central bank moves from trying to achieve its inflation target toward ensuring that price growth remains stable without placing excessive pressure on economic activity. Source: TBS

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The Bank of Japan said today that inflation had hit its 2% target, more than 13 years after it adopted the goal in a bid to pull the economy out of deflation, but held …

The Bank of Japan said today that inflation had hit its 2% target, more than 13 years after it adopted the goal in a bid to pull the economy out of deflation, but held off hiking interest rates for now. Successive governments struggled for decades to pull the country out of a spiral of deflation - sustained falls in prices that are harmful for economic growth - and the 2% goal was set in 2013 as the Bank of Japan launched massive monetary easing measures. While core consumer inflation intermittently topped the level in the early 2020s, today marked the first time that the central bank confirmed the long-term price trend had been achieved. "Underlying CPI (consumer price index) inflation is at a level that is generally consistent with the price stability target of two percent, and is expected to remain at around that level," the central bank said on its website. Despite the central bank's view of sustainable inflation, Prime Minister Sanae Takaichi's government has been more cautious about officially declaring victory over deflation. "We're not there," Economy Minister Minoru Kiuchi said last week. Takaichi is seen as prioritising economic stimulus measures over controlling inflation, at the risk of giving the impression of pressuring the Bank of Japan to keep rates low. The Bank of Japan also said in a statement it had kept its key interest rate unchanged at 1.25% after an eight-to-one majority vote, following similar moves over the past two days by the US Federal Reserve and the European Central Bank. However, Japanese officials are expected to hike in December as inflationary pressure builds. Japan has faced sustained consumer price increases since spring 2022, and the Bank of Japan began tightening rates in March 2024 after 10 years of ultra-loose monetary policy. Core inflation in September stood at 2.1%, sharply up from 1.7% in August, according to data released by the government last week. The Bank of Japan warned today that the year-on-year rate of increase in CPI excluding fresh food "is likely to accelerate to a level clearly above 2%". It said this was because of various factors including a rise in oil costs that "is expected to push up prices, mainly of energy and goods", and the rise in the price of semiconductors, reflecting the increase in global AI-related demand. The depreciation of the yen is also a factor, it added. Marcel Thieliant of Capital Economics said "further tightening looks very likely and we expect the policy rate to reach 2% by the middle of next year". "If anything, the risks are tilted towards further tightening thereafter," he added.

Governor Kazuo Ueda said Friday that the central bank would not declare victory on inflation, stressing the need to achieve stable price growth around its 2% target."All members ag... Governor Kazuo Ueda said Friday …

Governor Kazuo Ueda said Friday that the central bank would not declare victory on inflation, stressing the need to achieve stable price growth around its 2% target."All members ag... Governor Kazuo Ueda said Friday that the central bank would not declare victory on inflation, stressing the need to achieve stable price growth around its 2% target."All members ag... This story app…

Let’s call it the great food fight of the 2026 midterm elections. It all could have been so easily won by Donald Trump, the undisputed heavyweight champion of fast-food populism.But this was a one-sided …

Let’s call it the great food fight of the 2026 midterm elections. It all could have been so easily won by Donald Trump, the undisputed heavyweight champion of fast-food populism.But this was a one-sided food fight that began in Cleveland this week, where Obam… Lets call it the great food fight of the 2026 midterm elections. It all could have been so easily won by Donald Trump, the undisputed heavyweight champion of fast-food populism. But this was a one-s…

The reasons today are much the same as they were in the 1970s. In an inflationary era, home values have outstripped both overall price increases and working- and middle-class wages, which, after a short …

The reasons today are much the same as they were in the 1970s. In an inflationary era, home values have outstripped both overall price increases and working- and middle-class wages, which, after a short period of relatively strong growth, have stalled again. In the ’70s, the culprits were corrupt assessors who handed out obscenely low valuations on the most valuable properties. Today, it’s cities subsidizing real estate developers through tax increment financing and handing generous tax breaks to data centers, both of which shrink local tax bases and shift the costs of local government onto everyone else. It’s a tax appeals process designed by and for large real estate owners and their attorneys, who use it to win ever-larger reductions, while it remains virtually inaccessible to those most unfairly overtaxed. It’s a local political culture that caters to corporations and mobile capital and asks little in return. And it’s the steady withdrawal of federal and state support for local governments and schools. That process began under Reagan and, with a brief exception during the Covid pandemic, has continued ever since, leaving localities to fend for themselves. In short, average Americans are paying more, and local governments are still coming up short, because the wealthy are paying so little. Today’s tax revolts should be seen not simply as a threat but also as an opportunity for the left. While orchestrated by anti-tax extremists intent on defunding the state, these campaigns consistently draw their support from average Americans with pocketbook concerns and valid frustrations at a patently unfair tax system. Those voters should not be mocked and dismissed as selfish adversaries but embraced as potential allies, whose mounting anger can—and should—be channeled into a movement for structural reform.

By Howard Schneider WASHINGTON, Oct 30 (Reuters) - New data may challenge Federal Reserve Chairman Kevin Warsh's sense that the US economy can handle a robust expansion without stoking inflation, as a key measure …

By Howard Schneider WASHINGTON, Oct 30 (Reuters) - New data may challenge Federal Reserve Chairman Kevin Warsh's sense that the US economy can handle a robust expansion without stoking inflation, as a key measure of price pressures jumped and strong consumer … By Howard SchneiderWASHINGTON, Oct 30 (Reuters) - New data may challenge Federal Reserve Chairman Kevin Warsh's sense that the US economy can handle a robust expansion without stoking inflation, as a…