Core inflation in Tokyo stays below BOJ goal, factory output rebounds

Tokyo Core Consumer Prices Up 1.3 Pct in May

Tokyo's core CPI rose 1.3% YoY in May (112.0, base 2020), 57th consecutive monthly gain, with the pace slowing for the sixth straight month as water bills dropped 34.6% under a municipal subsidy and rice prices fell 1.1% — the first decline in 45 months. Inflation decelerating despite food ex-fresh still at +4.1% signals the BoJ faces a complex mix of subsidized deflation and sticky food costs, relevant for FX exposure and JPY-denominated budget planning.