Japan Inflation (CPI)

Japan consumer price inflation (month-over-month growth rate). Japan's decades-long battle with deflation — prices were effectively flat or falling from 1998 to 2022 — made it the cautionary tale for central banks globally and the primary justification for ultra-loose monetary policy. The 2022 global inflation shock finally broke Japan's deflationary spiral, pushing CPI above 4% for the first time in 40 years and reshaping the entire yen carry trade.