On June 20, 2025 at the Supermarket in Tokyo inspects Vegetables and other food products in Tokyo.
Kazkhiro Nogi | AFP | Getty images
The main central banks trained the pace of anti-inflation policy from Pandemic Cowid-19 – but the Bank of Japan has been issued.
Despite the fact that it was Topic and basic inflation From April 2022, he worked over 2% of its 2%, regardless of two years of January. Inflation, called “Kear”, was higher than in October 2022.
Boj has raised tariffs for 60 base points in 14 months since March 2024 refused his negative percentage policy. He held its policy at 0.5% at its latest political meeting in June, which can be lazy thanks to the narrative of the economy, “inflation below CPI”.
Future Since March 2022, the Federal Reserve has raised tariffs for the first time since 2018and all the largest central bank, except BOJ, raised tariffs that year.
The main driver of inflation in Japan is food prices, Special rice price.
The price of rice in the country increased sharply in the second half of 2024 and in the first half of 2025, mainly due to poor harvest in 2023 and 2024.
In May, Rice price has more than doubled, Skoket 101.7%. This has grew the most of the half a century.
MARCELLA CHOW, JP MORGAN ASSET MANAGEMENT MAGANGE noted that rice is based on about half of Japan’s basic inflation and food prices for future inflation, especially rice.
What is the temporary rice price?
However, despite the sharp rise in prices, experts said that Boj does not rapid political, as the central bank considers temporary inflation.
After the season meeting of Boz Hul UEDA in BOJ HUL UEDA, the season of June “IZZ”, “Consumer inflation is moving about 3%. But this is often due to the increase in import costs and rice price … Comments translated by Reuters.
The JPM Tea noted that the main inflation inflation in Yuja, as well as UEDA, paid great attention to BOJ, and left below 2%. Boj does not publish the components that determine “under inflation”.
“It believes that the central bank is temporary,” he said, “Add Mr. UEDA,” he said, “Intense trends of inflation in the underpass”.
Yujiro Gono, Nomura, is the leader of the currency strategy in Japan, CNBC, especially inflation, especially food inflation, is often due to the delivery of food inflation.
“Thus, Boj Bank does not need to respond to inflation growth, it does not take anti-inflation anti-inflation.
This scene will control the “Ke” oremura portfolio “Neuberger Berman”, “Custawk Box Asia“Food prices may be possible within the next few months.
Issues related to growth
Anxiety concerns can increase the growth rate of BOJ.
On Wednesday, a summary of BOJ comments at his seasonal meeting, some members of which expressed tariffs to be at current levels.
High rates usually help inhibit inflation, but they can limit economic growth.
Chova noted that the upcoming high-home elections, including the upcoming elections, as well as tariff and trade uncertainty. Elections can offer political issues of the Isriha administration, he said.
They mean the risk of growth, it means political tariffing, that is, later later.
In the opposite of growth, the nomista, on the eve of growth, the BOJ leaves BOJ, taking into account the BOJ on the eve of growth.
“Depending on the tariffs of Japan (10% universal tariffs, such as cars and steel), such as auto and steel sector (A) in July-September, at least in late for September this year, in September this year.
Currently, Japan is closed to trade negotiations with the United States, there is no clear sign of agreement. The best trade talks between the country on June 20 Rosysy said Akazawa Trade talks with the United States “left in the fog.”
If both parties reach the transaction, 25% “mutual” tariff will be distributed to the United States on Japanese imports
Box is faced on a forward, narrow road, facing a narrow way, and it is necessary to prevent inflation, but to return to the former deformation moraste of the economy.
Frederick Neyman
General Asian Economist, HSBC
Tariffs can strengthen the yen, which limits the growth of economics of the economy competitive and export-oriented economy at any time.
Our country Last trade data From September 4024, exports of Japan’s exports decreased by 1.7% over the year.
Gross Japan’s gross domestic product dropped for the first time in one yearIn the quarter, 0.2% ended in March in March, as exports decreased sharply.
“Hard, narrow way”
BOS can learn from history. Frederick Neiman in KNFKs, Izh to UND stated that Izh has been stable deflation pressure and “several episodes of false surprises.”
Therefore, the bank is now taking time to restore politics. Neirand Box is slowly looking at the tariff to raise tariffs because Inflation’s rise is mainly with the sharp wearer of the Japanese yen, only the “sign of the cycle of permanent salary.”
If a member of the BOJ board, Naoki Tamura addresses Wednesday, it may be necessary to increase interest rates on the “bran” if high prices are at risk.
From April 2022 Japanese yen About about 120 of about 120 weaken than dollars. In 2024, the currency weakened in July 3 to 161.99, which rose to a weaker level than in 38 years.
“Neuran”, “Out of Inflation”, “Japanese households and businesses need to increase the Japanese households and businesses in time.”
Despite the acquisition of the “slow” way of Ice, the Japanese monetary officials said that the Japanese monetary officials needed late.
“Box is facing a forward, narrow road, and ahead should be enough to prevent inflation, but try to return to the former deflationary moraste of the economy.”
