Japanese inflation data for March 2023

Headline CPI 3.2% y/y

  • expected 3.2%, prior was 3.3%

CPI excluding Fresh Food 3.1% y/y

  • expected 3.1%, prior was 3.1%

CPI excluding Food, Energy 3.8% y/y (this measure of Japanese inflation is closest to the US 'core' CPI)

  • expected 3.4%, prior was 3.5%
  • this is the 12th consecutive rise for this measure

Those two core figures are sticky indeed. The excluding Food and Energy is surging (by Japanese standards).


Bank of Japan Governor Ueda has been repeating that he expects inflation to drop from around September/October. There is a BOJ policy meeting next week and, so far, indications are that there will be no significant change. The 'but' on this is that the Bank of Japan has said it won't be telegraphing policy moves in advance:

Kazuo Ueda 1

Bank of Japan Governor Ueda