Japan’s Ministry of Internal Affairs and Communications released its inflation data on late Wednesday evening. Japan’s national consumer price index (CPI) declined to an annual rate of -0.1% in March from 0.3% in February.
Inflation was mainly driven by declines in fuel, light and water charges, and transportation and communication prices. Fuel, light and water charges slid 8.5% year-on-year in March, while transportation and communication prices declined 3.0%.
Japan’s national CPI excluding fresh food fell to an annual rate of -0.3% in March from 0.0%, missing expectations for a drop to -0.2%.
The Bank of Japan’s inflation target is 2%.
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