Eos Energy stock falls after Fuzzy Panda issues short report
Investing.com-- Consumer prices in Tokyo grew less than expected in September, and held steady from the previous month, while underlying inflation eased, complicating the case of more interest rate hikes by the Bank of Japan.
Tokyo core CPI grew 2.5% year-on-year in September, government data showed on Friday. The print was below expectations of a 2.8% rise, and remained steady compared to the prior month.
A core reading that excludes both fresh food and energy prices eased to 2.5% in September, from 3.0% in the prior month. The reading is closely watched by the Bank of Japan as a gauge of underlying inflation, which remained above the BOJ’s 2% annual target.
Headline Tokyo CPI eased to 2.5% from 2.6% in the previous month.
Tokyo inflation data usually acts as a bellwether for nationwide inflation, with Friday’s data indicating that underlying inflation was cooling, which could complicate the case for further hikes by the BOJ.
The central bank is expected to hike interest rates at least once more this year, but has flagged uncertainty over the Japanese economy, U.S. trade tariffs.
At its latest meeting, the central bank held rates steady at 0.5% but signaled it would scale back purchases of exchange-traded funds and real estate investment trusts. Two members of the board dissented, calling for a hike to 0.75%, reflecting a hawkish tilt.