Japan's core inflation was steady in August and stayed above the central bank's 2% target for a 17th straight month, data showed on Friday, a sign of broadening price pressure that could heighten the case for an exit from ultra-easy monetary policy.
The data comes hours before the Bank of Japan concludes its two-day policy meeting that began on Thursday.is widely expected to keep ultra-easy monetary settings unchanged, markets are focusing on any hints from Governor Kazuo Ueda on how soon it could phase out stimulus.
While government subsidies pushed down utility bills, prices rose for a range of food and daily necessities in a sign that steady inflation was taking hold in the world's third-largest economy. The so-called "core core" index that strips away the effect of both volatile fresh food and fuel prices, rose 4.3% in August from a year earlier, following the same year-on-year pace of increase in July.
"The upshot is that we think BoJ Governor Ueda will use this window of opportunity where inflation still remains above its 2% target to dismantle the ultra-loose policy regime put in place by his predecessor."After hitting a peak of 4.2% in January, core inflation continued to slow as the effects of last year's sharp rises in fuel and raw material prices dissipate.
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