The Nikkei average started 109 yen higher. Tokyo consumer prices rose 2.4% in March, exceeding the Bank of Japan's target for the second consecutive month.

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In March, the Tokyo consumer price index rose by 2.4%, slowing down and exceeding the Bank of Japan's target for the second consecutive month.
In March, which serves as a leading indicator of nationwide prices, the consumer price index (excluding fresh food, core CPI) in the Tokyo metropolitan area showed slower year-on-year growth rate for the first time in two months. The impact of the government's measures to reduce the burden of electricity and gas bills, which had continued from the previous month, declined, while the slowing trend in food prices pushed it downward.

In February, the job-to-applicant ratio decreased to 1.26, and the unemployment rate rose to 2.6%.
According to the Ministry of Health, Labour and Welfare, the job availability ratio for February, adjusted for seasonal factors, was 1.26, a decrease of 0.01 points from the previous month. The number of job seekers exceeds the number of job openings. The number of job placements increased by 8.9%. The Ministry of Internal Affairs and Communications announced on the same day that the unemployment rate for February was 2.6%, an increase of 0.2 points.

Industrial production in February decreased by 0.1%, falling below market expectations.
The preliminary index of industrial production for February 2020, as announced by the Ministry of Economy, Trade and Industry, was 97.9 (seasonally adjusted, 2020=100), a decrease of 0.1% compared to the previous month. The transportation machinery industry and automobile industry declined, marking the second consecutive month of decline.

Prime Minister stated that starting from next year, wage increases will exceed the rise in prices, following the approval of the budget for fiscal year 2024.
Prime Minister Fumio Kishida held a press conference following the approval of the budget for fiscal year 2024, stating that he will ensure wage increases that surpass the rise in prices in the years after 2025. Taking into account the effect of income tax reductions in June, it is expected that real disposable income will turn positive within 2024.

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