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Japan's core consumer prices hit five-year-high Japan's core consumer prices hit five-year-high
(about 2 hours later)
Japan's core consumer prices rose 1.2% in November from a year earlier, accelerating to a fresh five-year high, government data has shown, marking steady progress towards beating 15 years of deflation. Japan's core consumer prices rose 1.2% in November from a year earlier, accelerating to a new five-year high, government data has shown, marking steady progress towards beating 15 years of deflation.
The upbeat news for the prime minister, Shinzo Abe, coincided with a rise in the Nikkei index above 16,000 points on Friday for the first time in six years, marking a 50% gain for the Japanese stock market this year.The upbeat news for the prime minister, Shinzo Abe, coincided with a rise in the Nikkei index above 16,000 points on Friday for the first time in six years, marking a 50% gain for the Japanese stock market this year.
The rise in the core consumer price index, which includes oil products but excludes volatile prices of fresh food, compared with a 1.1% increase expected by economists in a Reuters poll. That marked the fastest growth since 1.9% seen in October 2008, data from the Ministry of Internal Affairs and Communications showed. The rise in the core consumer price index, which includes oil products but excludes volatile prices of fresh food, compared with a 1.1% increase expected by economists in a Reuters poll. That marked the fastest growth since 1.9% seen in October 2008, data from the Ministry Internal Affairs and Communications showed.
The core-core inflation index, which excludes food and energy prices and is similar to the core index used in the US, rose 0.6% in the year to November, a second straight month of gains and the biggest increase since a 0.7% increase in August 1998.The core-core inflation index, which excludes food and energy prices and is similar to the core index used in the US, rose 0.6% in the year to November, a second straight month of gains and the biggest increase since a 0.7% increase in August 1998.
Core consumer prices in Tokyo, available a month before the nationwide data, rose 0.7% in December from a year earlier, matching a 0.7% increase expected by economists.Core consumer prices in Tokyo, available a month before the nationwide data, rose 0.7% in December from a year earlier, matching a 0.7% increase expected by economists.
Japan's vice-economics minister said on Friday that he hoped the Bank of Japan would deal appropriately with the impact on the economy from a planned sales tax increase next year. Japan's vice-economics minister said on Friday that he hoped the Bank of Japan would deal appropriately with the impact on the economy from a planned sales tax rise next year.
Yasutoshi Nishimura, senior vice-minister of the Cabinet Office, also told Reuters in an interview that Abe and the Bank of Japan governor, Haruhiko Kuroda, would hold regular talks on how to cope with the impact of the sales tax hike. Yasutoshi Nishimura, senior vice-minister of the Cabinet Office, also told Reuters that Abe and the Bank of Japan governor, Haruhiko Kuroda, would hold regular talks on how to cope with the impact of the sales tax hike.
The Bank launched an aggressive stimulus programme in April this year, pledging to double base money via asset purchases to support the economy and accelerate inflation to 2% in roughly two years.The Bank launched an aggressive stimulus programme in April this year, pledging to double base money via asset purchases to support the economy and accelerate inflation to 2% in roughly two years.
Markets have been rife with speculation that the Bank may ease again early next year to cushion the pain from the sales tax hike in April 2014, although Kuroda has said the economy can withstand the damage without additional stimulus.Markets have been rife with speculation that the Bank may ease again early next year to cushion the pain from the sales tax hike in April 2014, although Kuroda has said the economy can withstand the damage without additional stimulus.
According to the Wall Street Journal, in the first 11 months of the year, foreign investors purchased a net ¥14.8 trillion (£86bn) of Japan stocks, compared with inflows of ¥830bn during the same period in 2012.According to the Wall Street Journal, in the first 11 months of the year, foreign investors purchased a net ¥14.8 trillion (£86bn) of Japan stocks, compared with inflows of ¥830bn during the same period in 2012.
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