Japan's core consumer prices were stubbornly unchanged in July, dashing hopes for a modest rise as the coronavirus pandemic hit household demand and revived fears of a national plunge back into deflation.
TOKYO - Japan’s core consumer prices were stubbornly unchanged in July, dashing hopes for a modest rise as the coronavirus pandemic hit household demand and revived fears of a national plunge back into deflation.
The spectre of a return to deflation will keep the Bank of Japan under pressure to continue massive monetary stimulus and maintain ultra-low interest rates to support government fiscal spending aimed at battling the health crisis. “Japan is in a deflationary situation. As we shift towards ‘new normal’ following the coronavirus, the BOJ’s 2% inflation target is increasingly losing reality.”
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