Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Friday, December 27, 2024
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

An inflation gauge closely tracked by Bank of Japan jumps to seven-month high

December 20, 2024
in News
Reading Time: 3 mins read
A A
An inflation gauge closely tracked by Bank of Japan jumps to seven-month high
0
SHARES
ShareShareShareShareShare

READ ALSO

Larry Ellison has banner year as Oracle gains most since dot-com boom

Nvidia sees ‘remarkable’ influx of retail investor dollars as traders flock to AI darling

Bags of rice sit stacked high in a supermarket in central Tokyo on November 22, 2024.

Richard A. Brooks | Afp | Getty Images

An inflation gauge in Japan that is closely watched by the Bank of Japan (BOJ) came in at a seven-month high in November, which could prompt the central bank to raise rates early next year.

The so-called “core-core” inflation rate, which strips out prices of both fresh food and energy and is tracked by the BOJ, rose to 2.4% from 2.3%, its highest level since April.

The core inflation rate — which strips out prices of fresh food — came in at 2.7%, up from the 2.3% seen in October and beating the 2.6% forecast by economists polled by Reuters.

Headline inflation rose to 2.9% from 2.3%, reaching its highest level since August.

The readings come a day after the Bank of Japan held interest rates steady at 0.25%, surprising economists who expected a 25 basis points hike.

The BOJ said in its statement on Thursday that the decision to hold was a split 8-1 decision, with board member Naoki Tamura advocating for a 25-basis-point hike.

Tamura was of the view that inflation risks had become more skewed to the upside, and proposed that the bank hike interest rates during the meeting.

BOJ Governor Kazuo Ueda reportedly said in a press conference Thursday that as underlying inflation was only increasing at “at a moderate pace,” the BOJ could go slow in raising rates,” he said.

Ueda did add, however, that the central bank was mindful that if it waited too long to raise rates, it would have to quicken rate hikes in future meetings,

Stock Chart IconStock chart icon

An inflation gauge closely tracked by Bank of Japan jumps to seven-month high

Speaking to CNBC’s “Squawk Box Asia,” Masahiko Loo, senior fixed income strategist at State Street Global Advisors, said that the inflation print is “pretty much in line with what we think.”

He added that the BOJ is “super sanguine” on the country’s inflation and growth figures, but Ueda was likely focusing on foreign uncertainties, namely, the impact of the incoming Donald Trump administration.

The yen weakened against the U.S. dollar following the BOJ’s decision to hold rates. It hit 157.92 on Friday, marking its weakest level since July. However, the currency later strengthened again.

Loo explained that with the yen now “drifting” toward the 160 level against the greenback, Japan’s finance ministry might try to issue warnings to the market, or failing that, it might force a rate hike in January in a bid to support the yen.

Japan's finance ministry may force a rate hike, with yen heading toward 160 level: Strategist

Credit: Source link

ShareTweetSendSharePin
Previous Post

China keeps benchmark lending rates steady as Fed signals fewer cuts ahead

Next Post

Joe Burrow gave Bengals offensive linemen katana swords as holiday gifts

Related Posts

Larry Ellison has banner year as Oracle gains most since dot-com boom
News

Larry Ellison has banner year as Oracle gains most since dot-com boom

December 26, 2024
Nvidia sees ‘remarkable’ influx of retail investor dollars as traders flock to AI darling
News

Nvidia sees ‘remarkable’ influx of retail investor dollars as traders flock to AI darling

December 26, 2024
AI, crypto top tech stocks: AppLovin, MicroStrategy, Palantir, Nvidia
News

AI, crypto top tech stocks: AppLovin, MicroStrategy, Palantir, Nvidia

December 26, 2024
Nissan could face cost-cutting ‘carnage’ in Honda merger
News

Nissan could face cost-cutting ‘carnage’ in Honda merger

December 24, 2024
Portfolio manager names China, Europe stocks promising strong returns
News

Portfolio manager names China, Europe stocks promising strong returns

December 24, 2024
Honda shares set for best day in more than 16 years on share buyback plan, Nissan deal
News

Honda shares set for best day in more than 16 years on share buyback plan, Nissan deal

December 24, 2024
Next Post
Joe Burrow gave Bengals offensive linemen katana swords as holiday gifts

Joe Burrow gave Bengals offensive linemen katana swords as holiday gifts

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

House votes to avoid government shutdown by passing spending bill without Trump’s debt ceiling raise

House votes to avoid government shutdown by passing spending bill without Trump’s debt ceiling raise

December 21, 2024
Quirky in ways both good and bad

Quirky in ways both good and bad

December 13, 2024
Mets free agent target Nathan Eovaldi returns to Rangers on three-year deal

Mets free agent target Nathan Eovaldi returns to Rangers on three-year deal

December 11, 2024
Pete Alonso’s possible landing spots aside from Mets as options dwindle

Pete Alonso’s possible landing spots aside from Mets as options dwindle

December 25, 2024
Islanders’ Bo Horvat has found groove since being paired with Maxim Tsyplakov

Islanders’ Bo Horvat has found groove since being paired with Maxim Tsyplakov

December 24, 2024
Flipboard just launched Surf, which is sort of like an RSS feed for the open social web

Flipboard just launched Surf, which is sort of like an RSS feed for the open social web

December 18, 2024
New Food and Beverage Product Launches, December 2 – 6

New Food and Beverage Product Launches, December 2 – 6

December 6, 2024

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • She used to be a dietician. Now her startup aims to make getting advice on healthy eating as routine as going to the dentist
  • Russia bans crypto mining in multiple regions
  • The new retirement is no retirement: Baby boomers are keeping jobs well into their sixties and seventies because they ‘like going to work’
  • Nets saving Dorian Finney-Smith ‘from himself’ after latest injury

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In