TOKYO — Japan’s overall consumer inflation rose 3% from a year earlier in September, exceeding the Bank of Japan’s 2% target for six consecutive months, government data showed Friday.
The figure matched a 3% annual increase in August. Consumer prices excluding fresh food and energy prices rose 1.8% from a year earlier in September.
Despite recent increases in prices, the Bank of Japan is likely to continue its ultra-easy monetary policy as it believes the increase is due mostly to temporary factors including higher energy prices.
BOJ Gov. Haruhiko Kuroda said this week he expected inflation to fall below the bank’s 2% target in the next fiscal year starting in April 2023.