据日本内务省公布的数据，12月东京（剔除生鲜食品的）CPI同比上涨2.4%，高于11月的2.2%，但略低于经济学家预期的2.5%。此前11月公布通胀数据已经显示出回暖迹象，Inflation data shows signs of recovery, hovering around the Bank of Japan's target level of 2%, supporting market expectations for further interest rate hikes. However, due to the continued uncertainty in the global economy, Japan's industrial production declined by 2.3% month-on-month.
The recovery process of Japan's economy seems to be stumbling...
On December 27, Friday, Japan's latest economic data was "mixed", with healthy growth trends in inflation and retail sales, but a decline in industrial production.
According to data released by Japan's Internal Affairs Ministry, in December, Tokyo's CPI (excluding fresh food) increased by 2.4% year-on-year, up from 2.2% in November, but slightly lower than economists' expectations of 2.5%. The inflation data released in November had already shown signs of recovery, hovering around the Bank of Japan's target level of 2%, supporting market expectations for further interest rate hikes.
Despite rising prices, consumption continues to recover. Another report showed that retail sales in November increased by 2.8% year-on-year, higher than the 1.3% in October. Economists believe this may have been influenced by the holidays and cooler weather, stimulating consumer demand for winter Outfits and Commodities.
At the same time, the continued tightness in the labor market is also a positive sign, indicating upward pressure on wages, with the unemployment rate in November remaining at 2.5%, unchanged from the previous month.
Analysts believe that these data depict the wage-price dynamics that the Bank of Japan hopes to see, but global economic uncertainty still exists, overshadowing Japan's industrial production.
In November, Japan's industrial production decreased by 2.3% month-on-month, in contrast, the data grew by 2.8% in October. Companies expect production to increase by 2.1% in December and 1.3% in January.
It is worth noting that last week the Bank of Japan maintained its interest rates during the monetary policy meeting and stated that the economy is developing in the expected direction. Bank of Japan Governor Kazuo Ueda said at that time:
"The decision to remain unchanged this month is partly due to uncertainties in the overseas economy, especially the uncertainties surrounding a possible Trump 2.0 administration. If Trump is elected president and imposes higher tariffs on foreign Commodities, it will affect Japan's exports and production."
As a result, the Exchange Rates of the yen against the US dollar dropped to a five-month low of 158 today, and the yen is currently hovering around the lower point of 157.75.
