Japan’s Ministry of Internal Affairs and Communications released its inflation data on late Thursday evening. Japan’s national consumer price index (CPI) declined to an annual rate of -0.3% in April from -0.1% in March, in line with expectations.
Inflation was mainly driven by declines in fuel and communication prices. Fuel prices slid 9.1% year-on-year in April, while communication prices declined 2.5%.
Japan’s national CPI excluding fresh food remained unchanged at an annual rate of -0.3% in April, beating expectations for a drop to -0.4%.
The Bank of Japan’s inflation target is 2%.
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