Tokyo Core Inflation Surges Towards BOJ Target

Tokyo's core inflation rate accelerated in August, reaching 1.8% year-over-year growth, according to data released on Friday.

This marks a slight increase from July's 1.7% growth and is nearing the Bank of Japan's (BOJ) target of 2% annual inflation.

The Tokyo core consumer price index (CPI), which excludes volatile fresh food costs, rose more than expected in August, with analysts forecasting a 1.7% gain.

Additionally, an index stripping away the effect of fresh food and fuel, closely watched by the BOJ as a better gauge of trend inflation, rose 2.0% in August after a 1.8% gain in July.