Tokyo Inflation Slows Ahead of BOJ Leadership Change to Ueda

Production, retail sales improve in more positive sign
Labor market worsens slightly in challenge for wages outlook

Last March, core inflation in Tokyo climbed 0.8%, the fastest clip in more than two years at the time. — Last March, core inflation in Tokyo climbed 0.8%, the fastest clip in more than two years at the time.
Photographer: Kiyoshi Ota/Bloomberg

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By Erica Yokoyama and Toru Fujioka

March 30, 2023 at 11:37 PM UTC

Updated on

March 31, 2023 at 2:20 AM UTC

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Japanese economic data showed a steady recovery under way, even as inflation in Tokyo eased on the back of government power subsidies, sending mixed signals for incoming Bank of Japan Governor Kazuo Ueda.

Consumer prices excluding fresh food in the capital rose 3.2% from a year ago, following a sharp deceleration in the previous month that was mainly driven by government subsidies for electricity costs, according to the ministry of internal affairs Friday. Economists expected a slowdown to 3.1%.