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Japan Consumer Prices (Feb. 2023)

Government energy subsidies took 1%-pt off headline inflation last month, but the rise in underlying inflation to a four-decade high underscores the strength in price pressures. The data point to a higher peak for food inflation over coming months but with commodity prices set to fall and the yen likely to strengthen further, we are still expecting inflation to fall below the Bank of Japan’s 2% target this year.

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