Japanese core inflation rises to highest level in five years


Japanese CPI +0.9% on year in August vs +0.7% in July and consensus of +0.8%.

Core CPI, excluding fresh food, rose to its highest level since November 2008, increasing to +0.8% vs +0.7 and +0.7%. The gain also represented third straight month of growth.

However, most of the increase was due to rising gasoline prices and the weaker yen.

Core-core CPI, which excludes energy as well, -0.1% vs -0.1% and -0.1%.

The prices of consumer-electronic equipment and other durable leisure goods rose 0.1%, the first increase since 1992.

For inflation to take hold, wages need to start rising, economists say. PM Shinzo Abe "will have to keep up his campaign on companies for wage growth," says Taro Saito.

Japan 225 -0.4%; USD-JPY -0.4% to ¥98.65. (PR)

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