Mizuho Securities
May 22, 2026
Nationwide CPI for April
Market ReportMacro Economic IndicatorsRates Govt BondsUtilitiesEnergy
Japan's April CPI slowed to +1.4% YoY for the core gauge, coming in slightly weaker than consensus due to government subsidies and lower food inflation. However, inflation is expected to climb back above 2% by late 2026 as energy price pressures from the Middle East filter through.
Key Takeaways
- 1.April's nationwide CPI showed a slowdown across all major gauges (headline, core, and core-core) compared to March figures.
- 2.The deceleration was primarily driven by government energy subsidies, the elimination of public school meal fees, and cooling food prices.
- 3.Inflation is projected to reaccelerate in the second half of 2026 as higher energy costs from the Iran conflict feed through with a lag.
Table of Contents
- Goods and services
- Outlook
- Important Disclosure Information
- Analyst Certification
- Disclaimer
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Authors
Ryosuke Katagi
Securities
Nationwide CPI (Headline)Core CPI (Ex-Fresh Food)Core-Core CPI (BOJ definition)
Themes
Inflation ReaccelerationGovernment Policy InterventionEnergy Price Lag
Regions
Asia PacificMiddle EastJapanIran
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