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Nov 29 2013

Consumer prices excluding fresh food, the BOJ’s gauge for its 2 percent inflation target, rose 0.9 percent from a year earlier, a fifth straight gain, according to today’s report. The median forecast of economists was for a 0.9 percent climb.Stripped of the effect of sales-tax increases in April next year and October 2015, the median forecast of BOJ board members is for prices to rise 1.3 percent in the fiscal year starting April and 1.9 percent the following year.

 

Households face the prospect of sustained inflation for the first time in almost a generation, a dynamic that could hurt spending unless wages begin to rise. The focus is turning to salary negotiations early next year that may determine the success of Abe’s bid to reflate the world’s third-largest economy.“The data reflects the clear effect of rising import prices” said Hideo Kumano, chief economist at Dai-ichi Life Research Institute in Tokyo. “The tone is strengthening for Japan to emerge from deflation and that is helping to set conditions for wage increases.”

 


A gauge of Japan’s prices (JCPNEFEY) rose the most in 15 years as higher energy costs fueled broader inflation pressures, in a sign Prime Minister Shinzo Abe is making progress in stamping out deflation.Prices excluding energy and fresh food rose 0.3 percent in October on year, boosted by a weaker yen and electricity costs that have risen 22 percent since March 2011, when an earthquake led to the shutdown of Japan’s nuclear industry. The gain exceeded a 0.2 percent forecast in a Bloomberg News survey.

 

Rate Range Projection by Bank

Next week 99.50 - 102.50

Next 3 months 95.00 - 05.00

 



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