Japan's Consumer Inflation Beats BOJ Target After Seven-Year Drought

Japan's consumer inflation rate beat the Bank of Japan (BOJ) target for the first time in seven years, according to recent data. The country's April consumer price index (CPI) increased by a higher-than-expected 3.2% year-over-year.

The BOJ has been targeting an annual core CPI inflation rate of around 2%. Japan's economy has struggled with deflation for many years, but this latest figure suggests that the country may finally be on track to meet its inflation goals.