The timing of the inflation uptick is also notable, as Kazuo Ueda has recently assumed the role of the 32nd governor of the Bank of Japan.
This week, the Statistics Bureau of Japan unveiled the latest core consumer price index report for the country, revealing a surge to 3.5%. This figure comes as a surprise to analysts who had predicted a more modest 2.9% for the end of the quarter. It’s worth noting that Japan’s inflation has been steadily rising since June 2021. The timing of this uptick is also notable, as Kazuo Ueda has recently assumed the role of the 32nd governor of the Bank of Japan.
“With extremely high uncertainties surrounding economies and financial markets at home and abroad, the bank will patiently continue with monetary easing while nimbly responding to developments in economic activity and prices as well as financial conditions,” thenotes. “By doing so, it will aim to achieve the price stability target of 2 percent in a sustainable and stable manner, accompanied by wage increases.
Overall, the country’s recent CPI report highlights the challenges that Japan’s economy is facing. On Friday, Hiromi Yamaoka, a former BOJ official,CNBC’s “Squawk Box Asia” that “there remains some uncertainty in the Japanese real economy, but at the same time, inflationary pressures is becoming more imminent.”
Graham Summers, an MBA at Phoenix Capital Research, believes that Japan may be the final straw in terms of liquidity. On Friday, Summers , “With inflation surging in Japan, the Bank of Japan will soon be forced to end its money printing, which means the financial system would lose its last and final source of excess liquidity.”
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