Japan's core consumer prices slipped for the second consecutive month in September, a sign that a coronavirus-induced demand downturn is piling deflationary pressure on the world's third-largest economy already blighted by recession.
TOKYO - Japan’s core consumer prices slipped for the second consecutive month in September, a sign that a coronavirus-induced demand downturn is piling deflationary pressure on the world’s third-largest economy already blighted by recession.
But analysts mainly blamed the drop on a government campaign aimed at promoting domestic travel, underscoring the tricky task of supporting the economy without pushing inflation further away from the central bank’s 2% target. The nationwide core consumer price index , which excludes volatile fresh food but includes energy, fell 0.3% in September from a year earlier, government data showed on Friday. That compared with a median market forecast for a 0.4% decline.
Japan’s economy suffered its biggest postwar slump in the second quarter of the year, and analysts expect any rebound to be modest due to soft consumption and capital spending.
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