⚠️BREAKING: *JAPAN CORE CPI INFLATION RACES TO 40-YEAR HIGH IN OCTOBER 🇯🇵🇯🇵
Fresh food, fuel, and utilities were the biggest contributors to the reading, with gas prices jumping 20% in October.
The reading comes as Japan faces rapidly increasing rates for its food and fuel imports, driven largely by a deep depreciation in thethis year. The Japanese currency is down about 22% this year, and had slumped to a 30-year low in October due to a widening gulf in local and U.S. interest rates. The Bank of Japan has so far given no indication that it plans to raise interest rates from ultra-low levels, which is a key factor behind the yen’s depreciation this year. But rising economic pressure from high, data showed earlier this week, as the country continues to struggle with rising import costs. The outlook for the remainder of the year also looks grim.
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