Indicators for Core CPI

The Bank of Japan’s Research and Statistics Department now publishes core inflation indicators designed to isolate persistent price movements. These measures adjust for short-term disturbances and institutional changes, providing a clearer view of Japan’s inflation trajectory. The indicators include consumer price indices excluding institutional factors and statistical distributions such as the trimmed mean and weighted median. The data are released at 2:00 p.m., two business days after Japan’s official Consumer Price Index (CPI) publication, ensuring timely access for analysts and policymakers.

The new indicators complement existing tools like the output gap and wage growth rate to assess inflation dynamics. By focusing on underlying trends, the Bank aims to enhance the accuracy of its economic assessments. The methodology aligns with international practices, offering a more nuanced understanding of price stability. Users are advised that the data may be subject to revisions or changes without prior notice.

The indicators are intended for research and analysis by economists, policymakers, and financial market participants. They provide additional context to Japan’s inflation outlook alongside traditional metrics. The Bank emphasizes that these tools are supplementary and should be interpreted alongside other economic indicators. The release schedule ensures consistency with Japan’s official CPI data, maintaining alignment with established reporting timelines.

The Bank of Japan permits the use of these indicators for non-commercial purposes with proper attribution. For commercial reproduction, written permission from the Research and Statistics Department is required. The data are provided as-is, with no guarantees regarding future availability or updates. Users are encouraged to consult the Bank’s official channels for the most current and accurate information.