Japan April National CPI Analysis

Japan's April new core CPI fell to +1.9% yoy, missing market expectations of +2.2% due to government policy interventions and broad-based price cooling.

Key Takeaways

• 1.Japan's April new core CPI printed at +1.9% yoy, significantly lower than the market consensus of +2.2%.
• 2.Policy factors, including free elementary school lunches and tuition fee reductions, contributed approximately -0.2 pp to the inflation slowdown.
• 3.A broad-based deceleration was observed across food, durable goods, apparel, and services, indicating cooling price pressures beyond just policy impacts.

Table of Contents

• BOTTOM LINE
• KEY NUMBERS
• Year-on-year
• Month-on-month (seasonally adjusted)
• Disclosure Appendix
• Reg AC
• Disclosures
• Global product; distributing entities
• General disclosures

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